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 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. 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.

Source: Daily News Egypt October 19, 2016 12:56 UTC