Leading businessmen from Saudi Arabia and Egypt are planning to build an industrial complex at an investment of E£500 million ($68.4 million) in the north African country, said a report.

The new industrial complex by Saudi Egyptian Businessmen Association (Seba) would encompass three factories for building materials located in one of Suez Canal cities, reported Amwal Al Ghad.

Seba is set to announce the project at its second annual conference on January 31.

More than 800 Egyptian, Saudi, and Gulf investors and businessmen will be taking part.

The industrial complex, which will boast key Saudi Arabian and Lebanese investments, will be ready by the year end and start its operation in 2016, said the report.