Egypt - Companies - Arab investors allocate 4 bln E.P to build a steel mill in Egypt

24/05/2013

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Arab investors allocate 4 bln E.P to build a steel mill in Egypt

Last Update: 25/10/2011 08:34:08
A group of Arab investors have forwarded a request to build a steel and iron mill in Swiss province (east of Egyptian capital Cairo, by total investments amounted to 4 bln E.P ($672 mln USD) allocated for exporting and local market.
Sources revealed that the investors are Kuwaitis and Emiratis along with an Egyptian partner, pointing out ,according to "Middle East" newspaper, that these investors have pledged to allocate a part of the mill production for local market in Egypt but to be sold in cost price only, moreover offering a free share for the projected housing enterprises on Swiss land.
Sources added, according to the official news agency, that the feasibility study showed that the mill will create 2000 job vacancies in its first phase and this figure will double as soon as all phases are completed. Mr. Sherif Aljamal, the Egyptian partner, clarified that Arab investors among which is one of the Kuwaiti governmental funds will have the largest share in the project with total investments amounted to 3 bln E.P.
He said that another request has been forwarded to Swiss governor General. Mohamed Abd Almon'em Hashim to allocate a land to build 10 thousands developed residential units in the frame of an integrated residential project; half of these units will be for limited-income youth and the other half will be for Swiss sons who works for oil companies, northern gulf, and free jobs people who are able to pay much higher installments than the ones in supported units.
Source: Alarabiya net

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