Value of trade exchange between Egypt and Saudi Arabia hit $8 billion in 2021

Egyptian Minister of Trade and Industry Nevin Gamea said that the work of the Egyptian-Saudi Joint Committee has boosted trade between the two countries. (Egypt Ministry of Trade and Industry)
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Updated 24 March 2022
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Value of trade exchange between Egypt and Saudi Arabia hit $8 billion in 2021

  • Record high was highlighted at a meeting of the nations’ trade ministers and officials
  • Joint committee emphasized importance of facilitating trade exchange and increasing joint investment

CAIRO: Egyptian Minister of Trade and Industry Nevin Gamea said that the work of the Egyptian-Saudi Joint Committee has helped to boost the value of trade exchange between the two countries, which rose during 2021 to a record high of $8.02 billion.

During a meeting in Riyadh yesterday with her Saudi counterpart, Maged Al-Qasabi, and a working group tasked with following up on the implementation of recommendations made by a ministerial-level meeting of the joint committee in Cairo last June, Gamea stressed the importance of putting those recommendations into practice.

She added that Egypt has adopted a modern system of legislative rules and infrastructure to support global, commercial, industrial and investment development, and noted that her country appreciates the status, components and economic potential of its relationship with Saudi Arabia. She added that the location of both countries on key international shipping routes gives them the opportunity to expand commercial and economic partnerships and open up new markets in countries around the world.

The joint committee also emphasized the importance of facilitating trade exchange and increasing joint investment and industrial projects. Gamea pointed out that contracts for an electricity interconnection project that will allow Egypt and the Kingdom to share power had been agreed and awarded on schedule.

Both sides agreed to work to activate an executive program to enhance institutional cooperation, the mutual support of investment cooperation, and the exchange of information, technical expertise, laws and regulations related to investment, and to organize a workshop by the Saudi Ministry of Investment to review the services available to investors online and through business centers in the Kingdom.

It was also agreed that the Saudi Ministry of Investment and the Federation of Saudi Chambers will work with the Egyptian General Investment Authority to prepare for the Saudi-Egyptian Investment Forum in Riyadh this year and to showcase the investment opportunities in both countries, as well as other recent initiatives designed to facilitate investment in Egypt.

In terms of export development, the importance of finalizing a draft memorandum of understanding to enhance cooperation in the development of intra-trade movement between the two countries was emphasized.

In the finance and banking sector, the Egyptian delegates welcomed a decision by Saudi cabinet to allow Banque Misr to operate in the Kingdom, and the opening of a branch of the National Bank of Egypt there. Both sides also agreed to develop a memorandum of understanding between the central banks in both countries for cooperation in the field of banking supervision.


Israeli police kill Bedouin man during raid in southern Israel, local official says

Updated 58 min 48 sec ago
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Israeli police kill Bedouin man during raid in southern Israel, local official says

  • The shooting of 36-year-old Muhammed Hussein Tarabin threatened to worsen the already strained relations between the Israeli government and the country’s Bedouin minority

TEL AVIV: Israeli police shot and killed a Bedouin Arab man during an overnight raid in his village in southern Israel, according to media reports and a local official.
The shooting of 36-year-old Muhammed Hussein Tarabin threatened to worsen the already strained relations between the Israeli government and the country’s Bedouin minority.
Israeli police have been conducting a large-scale operation in the village of Tarabin for the past week in what they describe as a crackdown on local crime.
Talal Alkernawi, the mayor of the nearby town of Rahat, confirmed the man’s death.
Israeli police said they opened fire on a man who had “endangered” forces during an arrest raid.
The Israeli news site Haaretz cited relatives as saying Tarabin, whose family name shares the name of the village, was in his home.
In a video statement, Tarabin’s 11-year-old son, Hussein, said that men in uniform came to their house at night. He heard shots and saw his father’s body lying on the ground.
Israel’s far-right National Security Minister Itamar Ben-Gvir, who oversees the police force, expressed support for the police. “Anyone who endangers our police officers and fighters must be neutralized,” he posted on X.
Prime Minister Benjamin Netanyahu said Sunday that the country would do everything to prevent the Negev desert in southern Israel from becoming the “wild south”. He congratulated Ben-Gvir on leading the initiative and said he would visit the region in the coming days.
Israel’s more than 200,000 Bedouin are the poorest members of the country’s Arab minority, which also includes Christian and Muslim urban communities. Israel’s Arab population makes up roughly 20 percent of the country’s 10 million people. While they are citizens with the right to vote, they often suffer discrimination and tend to identify with Palestinians in the occupied West Bank and the Gaza Strip.
The Bedouin sector has grappled with crime and poverty, and about one-third of its members live in villages that the Israeli government considers illegal. Israel says it is trying to bring order to a lawless area, but Bedouin leaders accuse the government of neglect, trying to destroy their way of life or pushing to relocate them to less desirable areas.
Residents say police have made around two dozen arrests in the village of Tarabin over the past week. Nati Yefet, a spokesman for the regional council of unrecognized villages in the area, said most have been quickly released.
“They’re looking for people, crime-related things, but they didn’t find anything,” Yefet said. He accused Ben-Gvir of intensifying the raids in the run-up to elections expected later this year.
Marwan Abu Frieh, of the Arab rights group Adalah, said Israel has stepped up house demolitions in recent years, leaving thousands of residents without shelter and worsening the plight of communities often denied basic services.