CAIRO: Egypt's Suez Canal Authority said on Tuesday it had signed a $500 million deal with Saudi Prince Walid bin Saud to set up a joint iron and steel company with a production capacity of 1.2 million tonnes a year.
"The contract signed in partnership with the Saudi's foundation of international expertise is worth $500 million to build an iron and steel factory northwest of the Gulf of Suez," the authority said in a statement.
This deal takes the total value of investments agreed so far to $1 billion, Mohab Mamish, head of the Suez Canal Authority said.
"This contract marks the beginning of a series of contracts to establish more industries in Egypt," bin Saud said.
Egypt has struggled to earn dollars since the revolt in 2011 drove away tourists and foreign investors. Its efforts to defend the pound drained reserves from $36 billion before the uprising to $19.6 billion at the end of September.
Comments
Comments are closed.