Saudi businessmen will head to Cairo to set up investment companies
Saudi Arabia-Saudi Arabia, Economics, 9/26/1997

The Export Development Center of the Saudi Chamber of Industrial and Trade Unions will organize a visit to Egypt for a delegation of Saudi businessmen between October 1-5. The delegation will include representatives of a group of industrial companies working in production and exporting. It will be headed by the former Saudi Minister of Electricity and Energy Abdel Azizi Al Zamil within the continuous cooperation between businessmen in the two countries.

The Assistant Secretary General of the Chamber, Fahd Bin Mohamed Al Salmy stated that the delegation represents 25 Saudi companies and factories which are producing their products for export. The companies include those working in the fields of building equipment and food and beverage products.

Al Salmy added that the Saudi delegation will meet with high-ranking government officials in Egypt to study fields of cooperation and find means to encourage the private sector and businessmen in the two countries to boost their industrial and trade joint investments in addition to studying the current opportunities for investment. Saudi Arabia is the biggest Arab importer of Egyptian exports with 967 million riyals ($257.9 million).

The volume of external trade between the two countries during the first half of the current year is $204 million, of which $151 are Saudi exports to Egypt in the form of intermediate commodities. Iron, steel, plastic medical chemical and oil products, and rubber are among the most important items that Egypt imports from Saudi Arabia.

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