Saudi, Egypt sign $1bn Suez steel complex deal
The new plant is set to be the core for establishing a complex for iron and steel industries in Egypt
Egyptian Suez Canal Authority (SCA) has signed an agreement with Saudi International Expertise Association Academy to set up an iron and steel factory in Ain Sukhna region of Egypt.
As per the deal, the organisation will set up the new factory on a plot owned by the SCA, and at an investment of $1bn.
Once completed, the new Suez Canal for Iron and Steel plant will boast a production capacity of about 1.2 million tonnes of steel per annum, reported Amwal Alghad, citing a senior official.
The partnership agreement is worth $500m, stated SCA chairman Mohab Mameesh after signing the deal with Saudi Prince Walid Bin Saud Bin Mosaed Bin Abdel Aziz of the Academy.
The new plant is set to be the core for establishing a complex for iron and steel industries, he added.