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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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Saudi PIF, Hong Kong Monetary Authority Sign MoU on Investment Fund

The MoU was signed at FII 8th Edition in Riyadh. SPA
The MoU was signed at FII 8th Edition in Riyadh. SPA
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Saudi PIF, Hong Kong Monetary Authority Sign MoU on Investment Fund

The MoU was signed at FII 8th Edition in Riyadh. SPA
The MoU was signed at FII 8th Edition in Riyadh. SPA

The Public Investment Fund (PIF) and the Hong Kong Monetary Authority (HKMA) signed on Thursday a memorandum of understanding (MoU) to work towards jointly anchoring a new investment fund, with a target size of $1 billion.

The MoU was signed at FII 8th Edition in Riyadh.

Under the MoU, the fund would explore investment in manufacturing, renewables, fintech, and healthcare, supporting the localization of companies connected to Hong Kong and the Greater Bay area in Saudi Arabia. It would create highly skilled local jobs and drive economic growth by fostering regional champions in the target sectors. It would reinforce Hong Kong’s position as one of the world’s leading financial hubs, leveraging its diverse talent pool, efficient financial infrastructure and deep liquidity. The signing of this MoU is a new milestone that underlines the economic ties between two leading institutions: PIF and HKMA.

The proposed new fund aligns with PIF’s economic diversification and sustainability strategy.

This partnership has the potential to drive shared prosperity by investing in industries that will shape future economies. It combines HKMA’s long-term investment expertise with PIF’s strategy for the target sectors.

The new fund would promote foreign direct investments via Hong Kong, providing a platform for companies to internationalize their businesses and access attractive investment opportunities in Saudi Arabia.