عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi, Egyptian Private Sectors Linked to Revitalize Business

The Saudi-Egyptian Joint Committee had recently held its 17th session in Cairo, SPA
The Saudi-Egyptian Joint Committee had recently held its 17th session in Cairo, SPA
TT
TT

Saudi, Egyptian Private Sectors Linked to Revitalize Business

The Saudi-Egyptian Joint Committee had recently held its 17th session in Cairo, SPA
The Saudi-Egyptian Joint Committee had recently held its 17th session in Cairo, SPA

Official information revealed a new directive issued by the Federation of Saudi Chambers called on the private sector to view an e-guide for members of the Egyptian Businessmen Association in a step to facilitate communication between the two parties.

Saudi Commerce Minister Majid Al-Qasabi had confirmed that Saudi Arabia aims to be the first trading partner for Egypt during the next five years.

He noted that there are 6,200 Saudi companies in Egypt with investments exceeding $30 billion, in addition to the presence of 274 Egyptian brands and more than 574 companies in Saudi markets.

According to the information, the latest step comes within the framework of the continuous cooperation between the two countries to enhance trade relations and revitalize business between Egyptian companies and their Saudi counterparts.

Therefore, the Egyptian Businessmen Association, a “non-governmental and non-profit entity,” launched an e-directory that includes detailed data for its members.

The Saudi-Egyptian Joint Committee in Cairo had recently held its 17th session, co-chaired by Al-Qasabi and Egyptian Minister of Trade and Industry Neveen Gamea in the presence of government officials representing various sectors in the two countries.

During his speech at the inauguration ceremony, Al-Qasabi conveyed the greetings of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and HPrince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, commending deep-rooted relations between the two countries that are based on the bonds of religions, fraternity, dialogue, history and joint interests of both countries.

Minister Al-Qasabi said that the committee is an extension of the directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Egyptian President Abdel Fattah el-Sisi on the importance of joint action to further enhance brotherly ties, boost cooperation, and move to a higher level, noting that the Saudi-Egyptian Joint Committee is one of the active committees between the two countries that has been held annually, except in 2020 due to the outbreak of the coronavirus (COVID-19) pandemic.

He also expressed aspiration for these meetings to enhance trade between the two countries, where the total trade volume in 2020 amounted to $8 billion, down by 15% when compared to 2019 due to the repercussions of the pandemic on global economies, reiterating that what matters now is to enhance the post-pandemic bilateral cooperation to boost economic cooperation and benefit from opportunities generated from the pandemic, as well as protecting investments in the two countries.

Al-Qasabi also expressed appreciation to Gamea and members of the technical teams for their efforts and their keenness to discuss all that can enhance cooperation between the two countries in all fields in a bid to push forward this cooperation until reaching fruitful outcomes to serve joint interests.

Most Viewed

 
 
Business

IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
TT
TT

IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."