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FINANCIAL NEWS
Suez Canal signs USD500m iron, steel deal with KSA
19 Oct 2016
(MENAFN) Egypt’s Suez Canal signed USD500mn deal with Saudi Prince Walid bin Saud in order to launch a mutual iron and steel firm with a production capacity of 1.2m tons.
Accordingly, the deal signed in partnership with the Saudi’s foundation of global expertise worth USD500mn to build an iron and steel factory northwest of the Gulf of Suez.
However, Egypt has struggled to earn dollars since the revolt in 2011 drove away tourists and foreign investors.
Moreover, the country’s efforts to defend the pound drained reserves from USD36bn before the uprising to USD19.6bn at the end of Sep.
More News
17 Sep 2025
BBK and CrediMax launch exclusive offers for customers in collaboration with The Ritz-Carlton, Bahrain
31 Aug 2025
BBK announces an exceptional 6-month grace period financing campaign for Personal and Car Finance customers
13 Aug 2025
BBK’s BD 5,000,000 Al Hayrat scheme awards BD 680,000 to 390 Al Hayrat winners in August and September
04 Aug 2025
HM the King’s Support for Youth is an Inspirational Model for Their Empowerment Journey
28 Jul 2025
BBK discloses its financial results for the half year ended 30th June 2025
20 Jul 2025
CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
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