Assar witnesses deal between two Egyptian companies, Saudi firm
Friday، 18 October 2019 - 10:13 AM
Minister of State for Military Production Mohamed Saeed el Assar attended on Thursday the inking of an agreement between the National Organization for Military Production (NOMP) and Heliopolis For Chemical Industries - which are affiliated to the ministry - on the one side and the Saudi Bisan Gasket factory on the other side.
Under the deal, the three parties will cooperate in establishing a company specialized in manufacturing leakage prevention products.
This will be a new industry in Egypt and will help cover local market needs. Moreover, the surplus will be exported to African and Arab states.
The Saudi company's chairman, Abdullah ben Faisal al Zamel, said the deal underlined Saudi Arabia's interest in promoting economic development in Egypt and the promising investment opportunities in Egypt.
He accentuated keenness on enhancing cooperation with the Military Production Ministry, citing the great potentials which the companies affiliated the ministry enjoy as well as the efficiency of their cadres and their good reputation.