FILE - President Abdel Fattah al-Sisi, Nov. 2014 - REUTERS/Charles Platiau
CAIRO – 17 February 2020: Egyptian President Abdel Fattah al-Sisi on Monday inaugurated a number of new factories operating under Abu Zaabal Company for Specialized Industries, also known as “Military Factory 300” which produces weapons and ammunition.
The Qalyubia-based company belongs to the Ministry of Military Production and has military productions including small weapons as well as heavy ones, such as automatic rifles and general-purpose machine guns.
Sisi also checked the armored vehicle dubbed “Sinai 200”.
In October, Sisi stressed the necessity to allow the Egyptian people to have a share in the Armed Forces’ companies through selling these companies’ shares in the stock market.
During his speech, Sisi said that the Armed Forces’ companies must be offered to be part of the government's IPO plan, noting that Egyptians would get the opportunity to buy shares in these companies.
Financial market’s experts described Sisi’s speech as a positive message, indicating that the Egyptian stock market has drawn the attention of the political leadership and the government, which promises that the next is the best. They also believed that these offerings will attract investors and individuals.
The president in January inaugurated Berenice military base in south of Red Sea. Bernice military base is the latest base in a series of Egyptian military bases, which goes the line with a plan to develop and modernize the Egyptian army.