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A group of Arab investors from Egypt, Kuwait and the UAE have applied for a project's license to produce iron and steel in Suez with L.E. 4 billion investments (about $672 million). This was reported in the media quoting Mr. Sherif El Gammal, the Egyptian partner in the project, indicating that the project would generate upon competing its first phase 2,000 employment opportunities. He revealed that the leading founder of the project is a Kuwaiti government fund, which would secure almost 75% of the project costs, i.e. about L.E. 3 billion. Meanwhile, the group is said to have submitted another application to Suez Governor to allocate land for a project to build, in Suez, 10,000 housing units, half of which to be allocated for low cost housing demanded by the youth and other low income segments with the other half (5,000 housing units) to match medium to high income segments demand among Suez citizens, employees at petroleum and investment companies, and businessmen.
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