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Monday, 19 June 2017

Saudi prince withdraws from USD 1 bn steel complex with Suez Canal Authority

Saudi Prince Walid bin Musaed bin Saud bin Abdel Aziz Al Saud’s company withdrew from a USD 1 bn steel complex that was set to be implemented in partnership with the Suez Canal Authority (SCA), sources tell Al Mal. He reportedly had objections concerning key contractual details. SCA is likely to seek a European loan for cover investments. Construction of the project was set to begin in October, after an Italian company finishes drafting the feasibility studies.

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