Egypt's Canal Marine and Industrial Inc Company on Thursday inked a Memorandum of Understanding with Swedish Sundin Dockstavarvet AB Company.

Dockstavarvet is a leading producer of aluminum boats for professional use in Scandinavia and on the international market.

The MOU is expected to be rendered as an agreement between the two companies in the few coming days, said Tarek Hassanein, spokesman for the Suez Canal Authority.

The company was founded by N. Sundin in 1905 and is now operated by the third generation. The first aluminum boat was built in 1969 and the first aluminum pilot boat was delivered in 1975.

Until 2010, the total number of pilot boats delivered from DOCKSTA is over 50 units.