Dubai: Trade between Saudi Arabia and Egypt experienced an annual increase of 35.16 per cent in the first half of 2024, as reported by the General Authority of Statistics.
This growth was largely fuelled by a 73.44 per cent rise in Saudi imports from Egypt, amounting to $4.18 billion (Dh15.3 billion).
In contrast, Saudi exports to Egypt rose by 11.38 per cent to $4.21 billion (Dh15.4 billion), resulting in a trade surplus of $30 million (Dh110 million).
Non-oil exports constituted 27.08 per cent of Saudi shipments to Egypt, a slight decline from 31.7 per cent the previous year.
Plastics and rubber products were the primary contributors to this category, making up 53 per cent of the total.
On the import front, mineral products accounted for 64 per cent of the goods entering Saudi Arabia from Egypt, highlighting a focus on industrial and raw materials.
The expanding trade relationship between Saudi Arabia and Egypt reflects strengthening economic ties and regional efforts to enhance cooperation in a post-oil landscape.
During discussions in Cairo on October 15, Saudi Crown Prince Mohammed Bin Salman and Egyptian President Abdel Fattah El Sisi agreed to bolster trade and investment cooperation, signing an agreement to promote and protect mutual investments.
They also established a supreme coordination council to facilitate deeper bilateral collaboration. Saudi Arabia is actively pursuing a transformative economic vision to reduce its reliance on oil revenues, a key element of its Vision 2030 initiative.
