Egypt Israel: More Trade
Business between Egypt and Israel is finally picking up after years of lukewarm economic relations following the 1979 peace treaty between the two nations. Bilateral nonoil trade more than doubled to $43.9 million in 1994 and soared to $35.4 million for the first six months of 1995. A huge Egyptian-Israeli investment project, a $1.2 billion oil refinery to be built at Alexandria, was recently launched. Its main owners are Egyptian businessman Hussein Salem and Merhav Ltd., the vehicle of Israeli entrepreneur Yossi Meiman. Israel imports roughly $400 million worth of Egyptian oil per year.