Saudis to Bankroll Suez Canals Industrial Zone

Jan De Nul Group The Saudi investors plan to inject around EGP 3 billion (USD 337 million) into the development of an industrial zone around Egypts Suez Canal, Egypts Maritime Transport Sector (MTS) said. For this purpose, the two parties plan to establish a joint venture company named Gosoor ElMahabba. The investment forms part of a a number of agreements signed between the two countries during Saudi King Salman bin Abdul Aziz Al Sauds recent visit to Cairo. These include, among other things, setting up of a joint SR 60bn (USD 16bn) investment fund on a 50:50 capital share basis. In addition, the 10 Memoranda of Understandings (MoU) of estimated value of USD 25bn, are to focus on financing development projects in the Sinai Peninsula, including construction of transport infrastructure and residential complexes. Further details on the joint venture and projects timeline were not revealed. World Maritime News Staff