The Saudi-Egyptian Brotherhood Initiative was launched to strengthen ties between the two countries. Under the campaign “Buy from Egypt”, citizens and residents of Saudi Arabia and other Gulf countries are urged to support Egypt’s economy by buying Egyptian products.
The initiative is also aimed at publicizing opportunities that are offered by the Egyptian government to prospective investors; offering free legal and commercial consulting to Gulf investors through a network of volunteers.
Mohamed Al Rashid, a Saudi citizen who is one of the people behind the initiative, said the group will host commodity fairs for Egyptian products in Saudi Arabia and across the Gulf region.
Tensions have long existed between the Gulf, where the strict Wahhabi doctrine of Sunni Islam applies, and Egypt's Muslim Brotherhood, moderate Islamists who were thrust to power by the Arab Spring revolt that swept the country last year. Egypt and Saudi Arabia enjoyed close relations under Morsi's predecessor Hosni Mubarak.
A diplomatic crisis between the two regional powers saw Riyadh recall its ambassador from Cairo in April 2012 and close its embassy for several days, following protests demanding the release of a lawyer and rights activist detained in the kingdom.
According to AFP, economists estimate that Saudi investments in Egypt amount to some $7.2 billion. Saudi Arabia is also Egypt's largest trading partner, with bilateral trade reaching some $4.75 billion in 2011.