Saudi Arabia Minister of Trade and Investment Dr. Majid bin Abdullah Al Qasabi announced that they are going to form Saudi-Egyptian Joint Committee for hold a meeting with Egyptian investment, trade, and industry ministers to discuss removing obstacles and bureaucracy facing investors.

During the opening of the Egyptian-Saudi Business Council sessions, in the presence of Dr. Mohamed Shaker, Minister of Electricity, chairmen of the Egyptian and Saudi Chambers of Commerce and number of businessmen, Dr. Majid pointed out that Egypt-Saudi Arabia relations are based on solid foundations and a strong partnership.

He explained that the volume of trade exchange between the two countries reached 7.3 billion dollars, while the volume of Saudi investments in Egypt reached 4.3 billion dollars, and the number of Saudi companies in Egypt was 5 thousand, while the volume of Egyptian Saudi companies were about 372 companies with capital of 700 million dollars.

 Ahmed Al-Wakil, chairman of the Federation of Egyptian Chambers, said that they are going to work on developing economic relations between the two countries through the work plan between the Egyptian and Saudi federations, which including economic relations development.

He added that this plan can leap them towards the tripartite cooperation of joint projects in Africa, through the Egyptian leadership of the African Chambers federation, especially in the fields of construction, infrastructure, agriculture, and joint industrialization, as well as the greater benefit of the African Free Trade Agreements.

Dr. Sami Al Obaidi, Chairman of the Council of Saudi Chambers affirmed that it is time for the Council of Saudi Chambers, Federation of Egyptian Chambers and the Joint Business Council to play an active role in promoting trade exchange, maximizing investments outside traditional activities and entering into industrial integration to create real added value and job opportunities for the youth of the two countries.