A group of Qatari investors is collaborating with an Egyptian investor to establish a new iron and steel factory with initial investments of up to $100 million. The project aims to start operations early next year. The local investor will provide the land and construction in exchange for a 51% stake, while the Qatari investors will finance the purchase of production lines and raw materials, holding a 49% stake.

The new company plans to direct about 80% of its production to the Arab, African, and Turkish markets, with the remaining production allocated to the local market. Currently under construction, the company intends to apply for a license from the Industrial Development Authority to produce reinforcing steel and steel sections during the first half of this year. Upon obtaining the license, the company will contract with the Italian company Danieli to purchase the production lines.