Vice Admiral Mohab Mamish, chairman of the Suez Canal Authority, and Prince Walid bin Saud bin Assistant bin Abdul Aziz signed on Tuesday, a partnership between the Suez Canal Authority and the Foundation Arabia international expertise, to establish a joint stock company to build a factory for iron and steel on a piece of land owned by the Suez Canal Authority in Ain Sukhna northwest Gulf of Suez region Card productive 1.2 million tons annually, as a nucleus for the establishment of complex industries of iron and steel in its different forms, has been the launch of a company name, “Suez Canal iron and steel,” the new company.
Mohab Mamish expressed his happiness for signing this contract, which is part of the Egyptian-Saudi brotherly relations and encourage Arab investment opportunities in Egypt, and noted that the transaction value of $ 500 million while the value of investments contracted by one billion dollars.
