Saudi Arabia to raise working capital in Egypt to $50bln

There are more than 6,000 Saudi companies operating in Egypt

  
Image used for illustrative purpose. View Of Cityscape With River In Foreground.

Image used for illustrative purpose. View Of Cityscape With River In Foreground.

Getty Images/Saif Alsadoon

Riyadh –  The Saudi working capital in the Egyptian market currently stands at $5 billion, with a target to increase this value to $50 billion, Head of the Saudi Egyptian Business Council (SEBC) Bandar Al Amri revealed.

There are more than 6,000 Saudi companies operating in Egypt at investments exceeding $60 billion, according to announcements during the 17th edition of the SEBC.

Meanwhile, the Saudi market has about 518 operating Egyptian enterprises in addition to 285 commercial brands.

Egypt’s Minister of Trade and Industry, Nevin Gamea, stated that the bilateral trade exchange with Saudi Arabia has surpassed $5.5 billion in 2020.

Chairman of the Federation of Egyptian Chambers of Commerce, Ibrahim El-Araby, noted that the number of Egyptian projects in Saudi Arabia has increased to 1,300 at investments worth more than $2.5 billion, of which 1,000 developments were launched by Egyptian investors at over EGP 1.1 billion in capital.

El-Araby added that the non-petroleum trade exchange between the two countries crossed $4.4 billion, at an annual growth rate exceeding 13%.

Saudi projects in Egypt, meanwhile, totalled more than 2,900 at about $27 billion in investment, of which $5.7 billion is funded by Saudi investors.

El-Araby also noted that the Saudi Arabia accounts for more than 20% of the Arab tourism in Egypt. He added that there are nearly 1.8 million Egyptians, besides their families, working in the Kingdom, while more than 500,000 Saudis are residents of the Arab republic.

Source: Mubasher

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