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Egypt Plans $1 Bln Flat Steel Production Site

A boat crosses the Nile River during a dust storm, in Cairo, Egypt, Tuesday, Sept. 12, 2023. (AP Photo/Amr Nabil)
A boat crosses the Nile River during a dust storm, in Cairo, Egypt, Tuesday, Sept. 12, 2023. (AP Photo/Amr Nabil)
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Egypt Plans $1 Bln Flat Steel Production Site

A boat crosses the Nile River during a dust storm, in Cairo, Egypt, Tuesday, Sept. 12, 2023. (AP Photo/Amr Nabil)
A boat crosses the Nile River during a dust storm, in Cairo, Egypt, Tuesday, Sept. 12, 2023. (AP Photo/Amr Nabil)

Egypt plans to establish an integrated industrial compound to produce flat steel with investments worth $1 billion, the cabinet said in a statement on Wednesday.

The compound, with a flat steel production capacity of 1.8 million metric tons per year, would target global exports while also serving the local market.

The project has been approved by the General Authority for Suez Canal Economic Zone and will be established in cooperation with an international company, the cabinet added, without identifying the company.

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Aramco, Riyadh Air Explore Collaboration Opportunities

At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
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Aramco, Riyadh Air Explore Collaboration Opportunities

At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco
At the signing ceremony standing, from left, are Osamah Alnuaiser, Riyadh Air SVP of Marketing & Corporate Communication; Tony Douglas, Riyadh Air CEO; Amin H. Nasser, Aramco President & CEO; and Mohammed Y. Al Qahtani, Aramco Downstream President. Sitting, from left, are Adam Boukadida, Riyadh Air CFO; and Yasser M. Mufti, Aramco EVP of Products & Customers. Photo: Aramco

Saudi Aramco and Riyadh Air, the Kingdom's new premium international airline, have signed a Memorandum of Understanding (MoU) during the FII 8th Edition in Riyadh.

The MoU sets the stage for potential collaboration in areas such as low-carbon fuel supply and sustainability.

“We are delighted by the prospect of exploring a wide variety of opportunities for collaboration between Aramco and Riyadh Air,” said Aramco Executive Vice President of Products & Customers Yasser M. Mufti.

“Both companies have expressed a desire to adopt latest technologies, elevate experiences and contribute to sustainability objectives. Aramco’s work to develop lower-carbon fuels, its strong focus on digitalization, and its aviation experience, among other things, provide a strong platform for potential cooperation with Riyadh Air,” he added.

As for Riyadh Air Chief Financial officer Adam Boukadida, he said that the partnership “aligns perfectly with our ambition to become a leading global airline committed to sustainability and low-carbon fuels.”

“By leveraging Aramco’s expertise, we aim to improve our operational capabilities and provide outstanding experiences for our guests. Together, we can play a significant role in advancing the Kingdom’s environmental and economic objectives.”