Cairo-based Joint Arab Investment Corporation (Jaicorp)has invited international contractors to apply to prequalify for the contract to build an estimated£E 2,000 million ($325 million) integrated steel project in Western Suez. Bids are due on 30 November for the scheme, which will involve construction of a 1.2 million-tonne-a-year (t/y) direct reduction plant and a 1 million-t/y steel-making plant. 'We are in the process of finalising agreements with both the consultant and financial adviser,' says a Jaicorp spokesperson. 'Jaicorp is the main sponsor and until this stage it is the only owner.'
Canada's Hatchis expected to sign the technical consultancy contract for the project, while negotiations are under way with the UK's Pricewaterhouse-Coopersfor the financial advisory mandate. The project is scheduled for completion in 2005.
Established under a joint government co-operation agreement in 1978, Jaicorp is owned by the Abu Dhabi Investment Authority, Abu Dhabi Investment Companyand the National Bank of Abu Dhabi.
The corporation has acquired stakes in 16 major Egyptian companies and funds in the local industry, tourism and transport sectors, and is in the process of developing a major petrochemicals project, also in the Western Suez region (See Petrochemicals).
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