Saudi Basic Industries Corporation (SABIC) has expressed interest in buying 88 percent of the Egyptian Company for Fertilizers, located in the area of Suez; and has also proposed a project for processing sodium sulfate salts in the El-Fayum area of Egypt. Saudi Arabia and Egypt have embarked on a number of other joint ventures, including a plan to set up a pharmaceutical factory in the Kingdom. The two countries are also encouraging trade in the private sector.
Saudi investment in Egypt is estimated at US$1 billion. In 2004, the volume of bilateral trade amounted to $718.5 million, with Egyptian imports into the Kingdom reaching $221.1 million and exports from Saudi Arabia to Egypt amounting to $497.4 million.