By Mahmoud Salaheddin
Cairo – Mubasher: Saudi investments in Egypt reached $6.2 billion through 3,400 companies, against $2.5 billion worth of Egyptian investments in the kingdom through 1,300 companies, Egypt’s Industry Minister Tarek Kabil told reporters on Wednesday.
During a meeting of the Saudi-Egyptian Businessmen Council, Kabil added that Egyptian exports represent 1% of Saudi imports, while Saudi exports account for 5% of the country’s imports.
Meanwhile, Saudi King Salman bin Abdulaziz Al Saud will start today a five-day visit to Egypt, which is his first since he came to the throne in 2015.
The Egyptian government signed yesterday 13 loan agreements worth $1.9 billion with Saudi Arabia.
The kingdom will provide most loans to develop the Sinai Peninsula by injecting $1.5 billion in 11 investments, including King Salman University in Tur Sinai, as well as projects in poultry farming and land reclamation, and in New Suez Canal.
Trade exchange between Egypt and Saudi Arabia amounted to SAR 23.8 billion (EGP 56 billion) in 2015.
Translated by Sayed Abdel Rahman
