Egyptian - Saudi free trade signing in Riyadh next month

The joint Egyptian - Saudi committee will be convened next month and it is expected to finalize issues to sign establishing a free trade between the two states.

Ibrahim El-Asaad Ibrahim, Saudi Arabia's ambassador in Cairo, said that "signing the agreement of establishing a free zone between Egypt and Saudi Arabia will greatly push the commercial exchange forward between the 2 countries." He said that the Egyptian - Saudi relations are nearly 28% of Egypt's trade with the Arab states as a whole and that the Saudi exports to Egypt reached 700 million dollars in last year while the Egyptian exports to Saudi Arabia reached nearly 98 million dollar.

He said Egypt enjoys political stability and facilities in the procedures which encourage Arab investors on getting into the investment field inside Egypt as the projects in which Saudi funds contribute in Egypt reached 10 projects.