Riyadh - Sharikat Mubasher: Around 7,000 Saudi companies are working in the Egyptian private sector with investments exceeding $35 billion, Bandar Al Ameri, Chairman of the Saudi-Egyptian Business Council, revealed.

The economic revolution that Saudi Arabia and Egypt are witnessing requires tackling the bureaucratic hurdles and obstacles that face mutual investments, Al Ameri stated in an interview with Asharq Business KSA.

The chairman noted that the trade exchange between Saudi Arabia and Egypt surpassed SAR 60 billion, and is expected to be doubled driven by the strong strategic ties between both nations.

Al Ameri pointed out that the Saudi Minister of Commerce, Majid Al-Qasabi, held a meeting with his Egyptian counterpart, Ahmed Samir, to discuss means of enlarging mutual investments and encouraging Saudi and Egyptian investors to inject more investments.

He further noted that the number of Egyptian companies investing in the Saudi market soared to 2,000 from 800 within the past period, triggered by the Kingdom’s efforts to maximize the investment volume.

Moreover, Al Ameri affirmed that Saudi Arabia and Egypt have a suitable environment that businessmen need to inject more investments.