Shell invests in Mina West gas development in Egyptian Mediterranean Sea    Egypt's FM highlights 'soft power' in Mali meeting with alumni    Egypt's foreign minister opens business forum in Niger, targets new partnerships    Egypt's FM delivers Al-Sisi message to Niger's leader, seeks deeper security ties    Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Suez Canal forms partnership with International Expertise Association Academy to establish $1bn iron, steel plant
The project will be established on Suez Canal territory, north-west Gulf of Suez with a production capacity of 1.2m tonnes
Mohamed Ahmed Published in Daily News Egypt on 19 - 10 - 2016

The Suez Canal Authority signed a partnership contract with International Expertise Association Academy Saudi Arabia on Tuesday to establish a joint stock company in order to build an iron and steel plant with investments worth $1bn.
The authority announced in a press release that the production capacity of the plant will reach 1.2m tonnes, and it will be located on land owned by the authority in Ain Sokhna, north-west Gulf of Suez.
The value of the partnership contract signed with Prince Walid bin Saud bin Musaed bin Abdul Aziz, representative of the academy, is worth $500m.
The authority explained that this plant is the heart of the creation of a compound for various types of iron and steel industries. The new company is named the Suez Canal Iron and Steel Company.
Vice Admiral Mohab Mamish, chairperson of the Suez Canal Authority, said that this contract comes within the framework of the policy currently pursued by the authority to develop its subsidiary partnerships and to establish new ones with international institutions and companies, as well as taking advantage of Egypt's prime location.
Prince Walid bin Saud said that this contract comes as the first of a series of engagements to establish more industries in Egypt through partnership with economic and industrial institutions.

Clic here to read the story from its source.