السعودية تؤكد دعمها لبرامج الإصلاح الاقتصادي في مصر

Saudi Arabia Reaffirms Support for Egypt's Economic Reform Programs

Strengthening Bilateral Ties and Economic Collaboration

Saudi Arabia and Egypt have emphasized the critical importance of maintaining security and stability in the Red Sea region, recognizing the international demand for freedom of navigation due to its global significance. They also stressed the need to protect the region from any threats or risks that could negatively impact regional and international peace and security, as well as global trade and the international economy.

The Saudi side lauded the economic reforms undertaken by the Egyptian government through its reform programs, expressing unwavering support for the Egyptian government through international financial organizations and institutions. This support aims to achieve economic stability and promote growth. These sentiments were expressed in a joint statement concluding the visit of Saudi Crown Prince Mohammed bin Salman to Egypt, during which a memorandum of understanding was signed to establish the Saudi-Egyptian Supreme Coordination Council. This council is intended to serve as a platform to strengthen relations between the two countries and foster wider cooperation, thereby promoting mutual interests.

Enhancing Economic Cooperation and Trade

Both parties underscored the importance of enhancing efforts to develop and diversify the economic and investment cooperation base, recognizing the strategic partnership between the two nations. The volume of bilateral trade reached approximately $8.4 billion in the first half of 2024, marking a 41% growth compared to the same period in 2023. Saudi Arabia currently holds the position of Egypt's second largest trading partner globally. Both governments are actively working to increase the volume of trade, ensuring the continuity of the joint business council meetings, intensifying official visits and trade and investment delegations, encouraging joint ventures, and organizing trade and investment events. These efforts aim to explore and capitalize on promising opportunities, aligning with Saudi Vision 2030 and Egypt Vision 2030, transforming these visions into tangible partnerships.

Energy Cooperation and Strategic Partnership

Regarding the stability of global oil markets, Cairo acknowledged Riyadh's crucial role in supporting market balance and stability, as well as the reliability of oil supplies, given Saudi Arabia's position as the world's largest crude oil exporter. Progress is being made in implementing the electricity interconnection project between the Saudi and Egyptian grids, which is considered the largest electricity interconnection project in the region. The two nations emphasized the importance of strengthening existing cooperation in the fields of electricity, renewable energy, related technologies, and project development, as well as exploring opportunities for partnerships in these areas. They also commended the existing collaboration in the supply of Saudi crude oil, petroleum products, petrochemicals, and agricultural inputs to Egypt. They committed to continue exploring opportunities for joint cooperation in these sectors, contributing to the sustainability of global energy demand.

Technological Advancement and Innovation

Both parties emphasized the importance of strengthening cooperation in various fields, including innovation, emerging technologies, such as artificial intelligence in the energy sector, and the development of clean technologies for diverse applications of hydrocarbon resources in industrial and construction fields. They also focused on developing local content by contributing to the identification of priority products and services in the energy sector components and working towards their localization to boost national output.