Egyptian Business Council has approved establishment of a bank in Egypt to support small businesses and protect Saudi investments in that country and provide services and networking opportunities for businessmen from both nations. This was announced at the first joint meeting of the Saudi-Egyptian Business Council at the Jeddah Chamber of Commerce and Industry (JCCI), Saturday. Abdullah Bin Ahmad Zainal, Minister of Commerce and Industry and his Egyptian counterpart Dr. Mahmoud Isa were present at the meeting also attended by over 60 Saudi and Egyptian businessmen. Zainal welcomed efforts to boost and enhance commercial and economic relations between Saudi Arabia and Egypt. He said the Kingdom is one of Egypt's biggest partners in the Arab region. The Saudi minister said there are 2,355 Saudi companies registered in Egypt with investments over $10 billion. Trade between the two countries exceeds $4 billion. He welcomed the meeting and said it was important to map out a future direction for business relations at such a complicated and fluid time in the region. Trade between Saudi Arabia and Egypt has reached more than $4 billion per year, with Saudi investments in Egypt topping $10 billion.
