RIYADH: Saudi Arabia plans to be Egypt’s top trading partner within five years, said Saudi Commerce Minister Majid Al-Qasabi.
He made the pledge at the Egyptian-Saudi Joint Trade Committee on Monday.
The minister highlighted the presence of 6,225 Saudi companies operating in Egypt with investments amounting to some $30 billion.
At the same time, 518 Egyptian are estimated to operate in the Saudi market, with 285 Egyptian brands in the Kingdom.
Saudi investors are especially interested in the water desalination and water treatment sector, Egyptian Trade Minister Nevine Gamea told Asharq Business.
She added that the cooperation between the two countries was reflected in the trade volume, which exceeded $5.5 billion in 2020.
The volume of Egyptian investments in the Kingdom reached $1.4 billion at the end of last year, she added.