What happened today in the Saudi Council of Ministers, what decision did King Salman take and its relationship to Egypt, and what will happen in the coming days.. Stay with us until the end and you will know the details and surprises in this video.
Egyptian-Saudi relations are historical relations, and the longevity of the two countries is at each other’s back, and no country has left the other behind, and from the period of Egyptian-Saudi relations, it took another sincere and important turn, which is comprehensive cooperation in economic affairs and exploiting the momentum of the relationship and the Saudi financial abundance in investing in the Egyptian market and in most economic sectors, and from today it will begin. A completely new stage in cooperation between the two countries.. Ok, what happened today for us to say that?
Look, sir, today, serving the Two Holy Mosques, King Salman bin Abdulaziz Al Saud chaired the Saudi Council of Ministers session in Riyadh, and the Council of Ministers approved, among 10 decisions, the minutes of the formation of the Saudi-Egyptian Supreme Coordination Council. This is the news published by the official Saudi Press Agency, and this means that the relationship has entered the final stage. Actual cooperation is through the Saudi-Egyptian Supreme Council, which after the decision and approval will begin to work officially to implement the mission for which it was undertaken, which is to exploit the economic capabilities of the two countries in enhancing joint cooperation, and this will be the beginning of Saudi money entering the Egyptian markets and the work of giant projects..
Remember, on October 15, President Abdel Fattah El-Sisi received Prince Mohammed bin Salman bin Abdulaziz Al Saud, the Saudi Crown Prince and Prime Minister. During the meeting, the ongoing efforts to develop the Egyptian-Saudi economic partnership were reviewed, especially in the field of investment and trade exchange between the two countries, and economic integration in… The fields of energy, transportation, and tourism are the most important sectors of the Egyptian economy, by the way. There is great Saudi interest in pumping money and investments into them, and we will see the announcement of huge projects in the coming period.
Regarding the Egyptian-Saudi Supreme Coordination Council, headed by President Sisi and Crown Prince Mohammed bin Salman, it was agreed upon during the Crown Prince’s recent visit to Egypt. This council will be directly responsible for investment files and cooperation in all economic fields, and at that time, Saudi Arabia and Egypt signed an agreement to encourage and protect mutual investments between the two countries. ; At that time, the Chairman of the Saudi-Egyptian Business Council, Bandar Al-Amiri, commented on the formation of the Supreme Council and said that cooperation between the private sectors in Saudi Arabia and Egypt resulted in agreements to pump investments with a total value of 15 billion dollars. The equivalent of (56.25 billion riyals) in Egypt, and these investments are on the way to increase.
In terms of numbers, the volume of cumulative Saudi investments in Egypt has jumped to $50 billion so far, including 7,000 projects in the construction, manufacturing, tourism, and energy sectors. This is according to statements by Muhammad Ali Pasha, Plenipotentiary Minister of Commerce and the Egyptian Commercial Consul in Riyadh, who revealed the increase in the number of Egyptian companies in Saudi Arabia. To 3 thousand companies during 2023.
The volume of trade exchange between Saudi Arabia and Egypt reached 48 billion riyals, and Egypt ranked seventh among Saudi Arabia’s largest trading partners, according to data from the Union of Saudi Chambers.
It is still with the language of numbers, and the one who said that Saudi Arabia is Egypt’s first trading partner, and one of the first Arab countries to invest, is a clear indication of the depth and sustainability of economic relations.
As for the most prominent Saudi exports, they are mineral products, plastics, aluminum products, and organic chemical products. As for imports from Egypt, they include mineral products, fruits and vegetable products, ordinary metals, and prepared foodstuffs.
