Asharq Al-Awsat has learned that the Saudi private sector is currently preparing a comprehensive report on the challenges encountered by investors in Egypt. The objective is to overcome these obstacles through collaboration with relevant entities in Cairo.
Saudi Arabia and Egypt have established over 160 bilateral agreements that promote economic growth between the two nations. Trade volume between the countries reached a historic high of approximately SAR 54 billion ($14.4 billion) in 2021, reflecting an impressive growth rate of 87% compared to 2020.
As per information obtained by Asharq Al-Awsat, the Council of Saudi Chambers has urged all companies and institutions operating in the Kingdom to identify the hurdles faced by investors in Egypt.
This initiative is part of the final preparations for the inaugural Gulf-Egyptian Business Forum, set to take place in November. The event is under the auspices of Egyptian President Abdel Fattah Al-Sisi.
The new measures were implemented under the directives of the General Secretariat of the Gulf Cooperation Council (GCC) Chambers of Commerce, which aim to overcome all the difficulties faced by Gulf companies in collaboration with relevant authorities in Egypt prior to the forum.
The Council of Saudi Chambers has set a deadline of July 20 to address all the challenges faced by investors, in order to take necessary actions and enhance the economic relations between the two countries.
Saudi exports to the Egyptian market reached approximately SAR 38.6 billion ($10.2 billion) in 2021, while Egyptian imports to the Saudi market amounted to SAR 15.7 billion ($4.1 billion), marking a record growth of 60%.
The Kingdom’s investments in Egypt have surpassed $32 billion, with more than 6,800 Saudi companies involved.
On the other hand, Egyptian investments in Saudi Arabia reached around $5 billion, with over 802 Egyptian companies operating in the Kingdom.
