The volume of trade exchange between Saudi Arabia and Egypt has registered significant increase reaching SR117.5 billion ($ 31.3 billion) in the last 10 years (2004-2013), according to a financial report.
The report, compiled by Al-Eqtisadiyah daily, says the trade balance was in favor of the Saudi side at an estimated surplus of SR46.2 billion ($12.3 billion), or 39 percent of trade between the two countries in the above period.
In 2013, trade exchange between the two countries stood at SR20 billion ($5.3 billion) where Saudi exports to Egypt stood at nearly SR12.1 billion ($3.2 billion) whereas its imports from Egypt amounted to SR7.9 billion ($2.1 billion), the report said quoting data released by the Central Department of Statistics and Information (CDSI).
The trade balance between the two countries registered a surplus of SR4.2 billion ($1.1 billion) in favor of Saudi Arabia in 2013, or 21 percent of the trade volume in the same year, the report said.
Over the past five moths of the 2014, Saudi Arabia has been on top of countries receiving Egyptian exports at 6.4 billion Egyptian pounds (SR3.4 billion, or $900 million).
Egyptian exports to the Kingdom, however, registered different values in the past five months of the current year as follows: at EP1.240 billion (Jan.), EP1.285 billion (Feb), EP1.280 billion (March), EP1.261 billion (April), and EP 1.312 billion (May), according to figures released by the Import and Export Agency, an affiliate of the Egyptian Ministry of Industry and Foreign Trade.
Building materials topped Egyptian exports to the Kingdom in the five-month period (Jan.-May) at EP1.234 billion, followed by engineering and electronic commodities (EP1.231 billion), food industries (EP1.044 billion), agro products (EP732 million), chemicals and fertilizer (EP452 million), and furniture (EP367 million), the report said.
In 2013, Saudi Arabia imported a series of commodities from Egypt, dominated by iron and steel products at SR1.6 billion, followed by orange (SR361.3 million), copper wire (SR270.3 million), onion (SR 264.2 million), cheese products (SR188 million), wooden seats (SR154.5 million), Portland cement (SR122.4 million), tiles and cubes (SR105.3 million), wooden furniture (SR91 million), watermelon seeds (SR 84.5 million), electric connectors (SR84.3 million), ceramics (SR81.7 million), cooking ovens (SR79.5 million), and other commodities at SR4.3 billion, thus bringing the total Saudi imports from Egypt to SR7.9 billion, the report said.
KSA-Egypt trade volume grows to SR117.5 billion in 10 years
KSA-Egypt trade volume grows to SR117.5 billion in 10 years
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
