Saudi-UAE-Lebanese firms to build giant industrial city in Suez Canal

The ASEC-Capital alliance, which involves Egyptian, Saudi, UAE, and Lebanese firms, has signed Sunday a contract to develop a giant industrial city in the Suez Canal Axis region. The contract was signed with Ahmed Darwish, head of Suez Canal Economic Zone Authority.

The city will be built on a space of 6 million square metres, with investments up to $3.3 billion.

The alliance encompasses companies from Saudi Arabia such as Al-Hokair Group, Al-Muhaidib Contracting Company, Al Rajhi Holding, Al Kridis Group, and Al Saedan Real Estate Co., in addition to Lebanon-based Khoury Contracting Company, said executive member of the alliance, Ahmed Sabry Darwish.

Darwish further said the project would include an integrated business city, 120 factories, and logistics zones. The total infrastructure investments for the project are estimated at $300 million.