Saudi Arabia seeks to increase trade with Egypt to $100 bln

Saudi Arabia is seeking to increase mutual trade with Egypt to $100 billion, said vice-chairman of the Federation of Saudi Chambers, Fayez Alharbi, according to CNBC Arabia.

Alharbi noted that there are unprecedented directives from Egyptian and Saudi leadership to boost mutual investments.

The Egyptian government pledged to immediately solve any problems facing Saudi Investors in Egypt, Alharbi stated during a meeting between a Saudi business delegation and the Federation of Egyptian Chambers of Commerce (FEDCOC).

He added that Saudi Arabians are considering investing in the Egyptian renewable energy sector in the coming period. 

Egypt and Saudi Arabia have recently reached an agreement on partnerships of up to 60 percent in each country for manufacturing projects aimed at reaching the African market, Alharbi revealed.

Trade chambers in both countries also agreed to set a work plan for 2024 to design a vision to give their industries access to the African markets, he added.

Alharbi said that 802 Egyptian companies are investing in Saudi Arabia and there are plans for more expansion in the kingdom.