New Saudi Arabian-Egyptian firm to build US$1bn steel complex

US Navy 040316 N 6380E 076 Marines assigned to the 22nd Marine Expeditionary Unit 22nd MEU take in the view from the flight deck of the amphibious assault ship USS Wasp LHD 1 as it transits the Suez CanalEgyptian Suez Canal Authority (SCA) has signed a US$1bn partnership deal with a Saudi Arabian company to establish iron and steel factory in Ain Sukhna

The new site will have the capacity to produce 1.2mn tonnes of steel annually and will be built on a plot owned by the authority, SCA chairman Mohad Mameesh stated. 

The newly-formed company is called Suez Canal for Iron and Steel.

Mameesh added that the partnership agreement will be worth US$500mn while the investments are estimated to be worth around a US$1bn. 

The partnership agreement comes as the Egyptian Suez Canal Authority makes good on its policy commitments to form new partnerships with international firms and organisations to boost the national income of the country and provide more employment opportunities for its young people. 

The Saudi Arabian organisation affirmed that the partnership agreement is the beginning for a number of contracts that aim to establish more industries in Egypt. 

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?