An Egyptian Economic Study has disclosed that the Kingdom of Saudi Arabia is considered as one of the most important commercial partners of Egypt. The study noted that the volume of the Egyptian trade with the Kingdom amounted in 2007 to $ 2883.9 million, while the Saudi investments in Egypt ranked the second at the Arab level. Under Secretary of the Egyptian Ministry Of Trade And Industry Hussein Omran said in the report published in 'Al-a'Lemal-Yaum' newspaper today that the Kingdom of Saudi Arabia is the first commercial partner at the level of the Arab world, and at the same time it is one of the most important partners at the international level. According to the study, the volume of the Egyptian trade with the Kingdom amounted last year to $2883.9 million, while the Saudi investments in Egypt amounted last year to $204 million. The Saudi investments ranked the second in Egypt after the investments of the United Arab Emirates. The study pointed out that the remittances being sent by the Egyptian workforce in the Kingdom constitute an important income source as they surpassed $860 million in 2007. The study disclosed that a deficit in the commercial balance increased from $353.6 million in 2003 to $2209.5 million in 2007 in the favor of the Kingdom. The Egyptian exports to the Kingdom increased from $176.2 million in 2003 to $372.2 in 2007. They included iron products, timber furniture, rice and medical cosmetics.
