World Economy

Saudi Arabia, Egypt’s Largest Investor

Saudi Arabia, Egypt’s Largest InvestorSaudi Arabia, Egypt’s Largest Investor

Saudi Arabia is the largest Arab investor in Egypt, with $5.7 billion of investments, reports Saudi-based Al Eqtisadiah citing an official.

Egyptian commercial attache in Riyadh, Ahmad Zaki, says Saudi investments account for around 27 percent of total Arab states’ investments in Egypt.

He explains that the total Arab investments in Egypt amounts to $20b, pointing out the UAE came in second place with contributions of $4.5b, 21.4 percent, followed by Kuwait in third place on the list of the most important Arab countries investing in Egypt with $2.7b, 11.2 percent.

Zaki estimates the trade volume between the two countries at around $5b, pointing out that it rose in 2012 by 1.7 percent compared to 2010.

Egyptian exports increased by 7.1 percent, while Egyptian imports from Saudi Arabia fell by 1.9 percent, which led to a trade deficit of 19 percent during the same period.

He adds Egypt ranked 17th in the list of exporting countries to the Saudi in 2012, accounting for 1.3 percent of the country’s imports and ranked 24th in the list of importers from Saudi Arabia, accounting for 0.7 percent of Saudi Arabia’s exports.

He points out the most important commodities exported by Egypt to the country were electrical cables, construction materials, agricultural commodities, particularly citrus, rice, onions, potatoes, fresh vegetables and fruits, food items such as cheese and frozen vegetables, juice concentrates, paper products, electrical appliances especially cookers and ovens, furniture and furnishings.

He adds that among the most important goods imported by Egypt from Saudi Arabia, are diesel, LPG, cars and other petroleum products, oils, petrochemicals and cardboard.