The visit by Saudi Crown Prince Mohammed bin Salman, Deputy Prime Minister and Minister of Defense, to Egypt represents a major boost in relations between the two countries.
Bilateral economic relations are witnessing steady growth, wide opportunities for strategic partnership and an active trade movement exceeding $7 billion.
Dr. Sami al-Obaidi, chairman of the Council of Saudi Chambers, underlined the importance of economic relations between Riyadh and Cairo, noting the development in the volume of trade exchange between the two countries, which amounted to $7.3 billion (27.4 billion riyals) in 2017, compared to $5.8 billion (21.9 billion riyals) in 2016.
In remarks to Asharq Al-Awsat, Obaidi emphasized the positive results of the mutual visits between the Saudi and Egyptian leaderships in terms of enhancing cooperation and partnership, resulting in the signing of economic cooperation agreements.
He also said that the visit of Prince Mohammed to Egypt in March this year and the current visit would constitute a major boost in relations between the two brotherly countries on various levels.
In addition to the Crown Prince’s visit, a high-level trade delegation that would include a number of Saudi investors will hold a joint Saudi-Egyptian Business Council meeting to discuss the Council’s plan of action to increase opportunities for cooperation and joint investment.
According to Obaidi, the joint Saudi-Egyptian Business Council will discuss means to enhance bilateral cooperation to enter African markets and benefit from the promising investment opportunities in the continent.
Prince Mohammed had arrived in Egypt on Monday night. It is the third stop in an Arab tour that he kicked off on Thursday by heading to the United Arab Emirates.
