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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.
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