Egypt and Saudi Arabia signed Sunday two deals for industrial cooperation covering non-oil exports and auto industry, Ahram Online reports. The first Memorandum of understanding (MoU) involved the export authorities of both countries to boost cooperation on non-oil exports. The second deal is signed between Saudi National Industrial Development Centre and Egyptian consumer finance company (valU) to develop the auto industry. The Saudi top official came to the North African country to discuss all aspects of economic cooperation between Saudi Arabia and Egypt. Saudi Arabia, a major investor in Egypt, has seen its investments increase from $325.3 million in the fiscal year 2020/21 to $491.6 million in the fiscal year 2021/22 – a 51.5 percent increase.

Source: The North Africa Journal June 05, 2023 12:22 UTC