CAIRO, Dec. 16 (Aswat Masriya)- The trade volume between Saudi Arabia and Egypt from January through August , 2015 amounted to nearly $3.7 billion, Saudi Ambassador to Egypt Ahmed bin Abdelaziz al-Kattan said Wednesday.

Egypt‘s imports from Saudi Arabia reached $2.2 billion while exports reached $1.5 billion, with a surplus of $716 million to Saudi Arabia, reporting state-run MENA news agency citing Kattan.

The statements by Kattan came on the heels of Saudi Arabia’s decision to raise its investments in Egypt to above 30 billion Saudi riyals ($8 billion) and will "contribute to providing Egypt with petroleum needs for the next five years," said the two countries on Tuesday.

Kattan added that trade statistics between the two countries revealed that petroleum and petrochemical products are among the most prominent Saudi exports to Egypt.

The kingdom has been generous with Egypt, a net importer of energy, since mid-2013 but the financial assistance now comes at a time when Egypt's cash-strapped economy is in dire need. Years of political turmoil have taken a toll on the Egyptian economy, halving the state’s foreign reserves and driving away tourists, which has contributed to a dollar shortage.  

Last Monday, Saudi Arabia launched an “Islamic alliance” including 34 countries including Egypt. The Riyadh –based coalition will fight any terrorist group that comes before it.

Egypt and the Saudi kingdom have both kept terrorism high on their agenda throughout 2015, even engaging in military action in their fight against it.