The Head of the Suez Canal Authority (SCA) and the Suez Canal Economic Zone (SCZone) Mohab Mamish signed Thursday a memorandum of understanding (MoU) with member of the board of directors at DANILY company.
The MoU aims at establishing an iron and steel factory in Ain Sokhna in the economic zone on the plot of land owned by the Suez Canal Authority in favor of the Suez Canal Iron and Steel Company.
In his speech following inking the MoU, Mamish expressed his happiness to cooperate with the Italian firm which is prominent in the field of manufacturing iron and steel, adding that the Egyptian and international markets need these heavy industries.
He stressed that the SCA is keen on finalizing the measures of this project before the end of this year.
According to the MoU, the Italian company is committed to building the factory on two phases, training the workers of the factory and providing technical assistance in all implementation phases, Mamish underscored. 

Source: Mena