Arab Finance: The Suez Canal Authority (SCA) has inked a memorandum of understanding (MoU) with the Qatari agricultural company Baladna to cooperate in the food security sector, with investments of up to $1.5 billion, according to a statement.

The MoU covers producing and manufacturing dairy products in Egypt, as well as establishing a cow farm with an initial number of 20,000 cows and growing crops in the El Wadi El Gedid governorate on a 280,000-feddan land.

This collaboration targets the production of 300 million liters of milk annually.

The deal is part of the country’s efforts to foster economic bilateral relations with Qatar.

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