A leading Saudi steel company has signed a memorandum of understanding (MOU) recently in Pakistan to set up a direct reduced iron (DRI) and steel billets manufacturing facility at Port Qasim in Karachi. "The project with an initial investment of $150 million is another significant landmark in the Saudi-Pakistan bilateral relations," said Chairman of the Al-Tuwairqi Group (ATG) DR Hilal Al-Tuwairqi. He told Arab News that the project will be implemented in two phases. The project will have a production capacity of one million tons per annum, Dr Al-Tuwairqi said.
