The Saudi Council of Ministers has given the green light to a Memorandum of Understanding (MoU) between the Saudi Export Development Authority and the General Authority for the Egyptian Export Development Center.
The focus of this agreement is to enhance and promote non-oil exports, marking a significant step in the deepening economic cooperation between the two nations.
Official data reveals a notable 13.5% increase in trade exchange between Egypt and Saudi Arabia in 2022, reaching $10.3 billion, compared to $9.1 billion in the previous year.
Furthermore, Saudi investments in Egypt have experienced substantial growth, surging from $325.3 million in the fiscal year 2020/21 to $491.6 million in the fiscal year 2021/22, reflecting an impressive 51.5% increase.
This expansion underscores the commitment of both countries to fostering economic collaboration and strengthening bilateral ties.