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TEHRAN: Iran's Social Security Investment Co has signed contracts worth $100 million with Turkish firms on implementation of construction projects and modernization of Arvandan shipbuilding facilities.

The implementation of the contracts is worth $100 million that will be provided by the Turkish side.

The delivery document of an Iranian-built catamaran-type ship was also signed between senior managers of Iran's Social Security Investment Co and a Turkish investment company. The contract on the construction of the catamaran vessel - high-speed double-hulled passenger watercraft with an aluminum body - is about $10 million worth.

The Social Security Investment Co signed a $15-million agreement with another Turkish company on modernization and development of Arvandan shipbuilding site in Khuzestan province. Another $5 million will be allocated as working capital for the projects.

The third contract signed today was a $70 million investment in construction of a commercial building in Tehran in four years. The costs of construction will be paid by the Turkish side.

Copyright APP (Associated Press of Pakistan), 2017