Arab Finance: Egypt's Arab Organization for Industrialization (AOI) has signed a memorandum of understanding (MoU) with an Egyptian-Saudi consortium to provide logistics services to Saudi real estate development projects, according to a statement.
The consortium is made up of the Saudi Aluminum Products Company (ALUPCO), Egypt-based OCTA International, and City Edge Developments.
Under the MoU, the consortium will provide production requirements as well as locally manufactured products to the Saudi real estate development projects.
This is along with providing logistics services to the projects in the coming period, equivalent to 1$ billion.
The agreement also aims to boost the Egyptian investments in the Saudi market and increase exports to the kingdom as well as Arab and African markets.