CAIRO: Egyptian exports to the six Gulf Cooperation Council (GCC) countries during the first 10 months of 2020 rose 25.7 percent year-on-year to $4.4 billion.
According to data from Egypt’s Central Agency for Public Mobilization and Statistics (CAPMAS), the UAE was the top market for Egyptian exports over the time period, reaching $2.6 billion, followed by Saudi Arabia ($1.4 billion), Kuwait ($194.6 million), Oman ($137.6 million), Bahrain ($85.5 million), and Qatar ($655,000).
However, Egyptian imports from the GCC decreased 21.25 percent year-on-year to $6.3 billion over the period.
Saudi Arabia was the biggest GCC exporter to Egypt, with $3 billion, followed by Kuwait ($1.6 billion), the UAE ($1.1 billion), Oman ($310.9 million), Bahrain ($204.9 million), and Qatar ($19.5 million).
CAPMAS figures also revealed the total value of GCC investments in Egypt to be $3.4 billion during the fiscal year 2019/2020 compared to $2.8 billion in 2018/2019, an increase of 21.4 percent.
The UAE was the biggest investor with $1.6 billion, followed by Qatar ($679.4 million), Saudi Arabia ($448.6 million), Kuwait ($347.5 million), Bahrain ($324 million), and Oman ($10.7 million).
UAE, UK top foreign investors in Egypt during 2019/20Faisal Al-Bedah, secretary-general of the Saudi Export Development Authority