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Egypt, Saudi Arabia trade exchange hits $3.7 billion

Kingdom's exports amounted to approximately $2.2bn, while imports amounted to roughly $1.5bn

Trade exchange between Egypt and Saudi Arabia amounted to $3.7 billion since the beginning of this year until last August, according to a statement issued by the Saudi embassy in Cairo.

The Saudi Ambassador to Egypt, Ahmed bin Abdulaziz Al-Qattan, said on Wednesday: “The trade exchange between Riyadh and Cairo reached $3.7bn during the first eight months of this year after Saudi King Salman Bin Abdul Aziz ordered the increase of the kingdom’s investments to reach $8bn in Egypt.”

“The king also ordered help meet Egypt’s oil needs over the next five years and support traffic in Suez Canal,” he adds.

Egypt-based Erem News reported Al-Qattan saying in a statement that the Kingdom’s exports to Egypt amounted to approximately $2.2bn, while imports amounted to roughly $1.5bn, with a surplus of roughly $716 million in favor of Saudi Arabia.

(SAR1 = AED0.98, at the time of publishing)