2005 News Story

Kingdom and Egypt strengthen economic ties

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.