Net Saudi Investments in Egypt hit $125.5M in Q2 2018/19

CAIRO – 30 May 2019: Net Saudi investments in Egypt witnessed a rise during the second quarter of the current fiscal year 18/2019, reaching $125.5 million, compared to $87.1 million during the same period of fiscal year 2017/2018, with an increase of 44.1 percent.

State statistic agency said that Egypt’s exports to Saudi Arabia increased 14.4 percent to $276.7 million, during the first two months of 2019, compared to $241.9 million during the same monthsof 2019.

The Central Agency for Public Mobilization and Statistics (CAPMAS) added that Egypt’s imports from Saudi Arabia recorded $933.4 million during January and February 2019, with a decrease of 9.5 percent on a year-on-year basis.

Trade exchange between both countries hit $1.2 billion during the two months, compared to $1.3 billion, with a decline of 7.7 percent, according to CAPMAS.

Saudi Minister of Trade and Investment Majed bin Abdullah al-Qasabi said earlier that trade exchange between Egypt and Saudi Arabia hit $7.3 billion.

Qasabi referred that Saudi direct investments in Egypt exceeded $3.4 billion, adding thatthe number of Saudi companies in Egypt reached 5,000.

According to Egypt’s bulletin issued by the state’s statistic body for the period from January to August 2018, Egypt’s imports from Saudi Arabia amounted to $3.781 billion, ranking the second country Egypt imports from after China with$6.244 billion.

As per the exports, Egypt’s exports to Saudi Arabia recorded $929.5 million during January-to-Augustperiod, bringing the trade exchange between the two states to $4.7 billion during the eight months.