Egypt, Saudi Arabia to Boost Economic Cooperation

Minister of Industry and Foreign Trade Eng. Hatem Saleh said that economic cooperation between Egypt and Saudi Arabia is set to boom in the coming stage. Addressing a meeting with Egyptian members of the joint business council with Saudi Arabia, Saleh pointed to big investment opportunities and integrated economy with the Gulf state. Minister Saleh referred to a new vision for strong and strategic economic ties with Riyadh. The meeting focused on plans and programs to boost economic cooperation with Saudi Arabia and encourage joint investments.

The Minister urged the Egyptian-Saudi council to outline a host of scheduled targets, pointing out that a number of sectors have been named to have priority, citing industry, contracting, construction, energy, petrochemicals, tourism and land reclamation. Saleh praised successful Saudi investment projects in several sectors in Egypt, saying that the Saudi investments in Egypt hit $5.6 billion, with a remarkable rise in trade exchange that hit $5 million in 2012.