The laying of the foundation stone of Egyptian Cement.
CAIRO – 29 April 2017: The foundation stone of a cement plant, “Egyptian Cement”, has been laid in presence of Minister of Trade Tarek Qabil and Minister of Investment and International Cooperation Sahar Nasr, along with Sohag’s governor Ayman Abdel Moniem, according to a Saturday press statement.
The new cement plant, which belongs to the company Egyptian Cement owned by businessman Ahmed Abu Hashima, is scheduled to be constructed on an area of million square meters with total investments worth EGP 6 billion.
It is also expected to produce thousand tons of clinker cement daily which equals an annual output of two million tons of grey cement and will help provide approximately 3 thousand job opportunities.
Qabil clarified that building materials is one of the promising sectors for investments in Egypt, pointing out that they ranked first in the country’s exports amounting to $1 billion and $ 395 million in the current fiscal year’s first quarter, compared to $ 870 million over the same period last year.
He also stressed the ministry’s keenness to provide all possible facilities to boost investment in Egypt particularly in Upper Egypt.
Additionally, the minister further stated that the ministry is pursuing all necessary procedures to construct and operate a vocational training centre in Sohag.
In another development, the minister announced that eight licensed industrial complexes will be constructed in Upper Egypt in 3,000-square-meter buildings, including 200 units in each.
In March, Abu Hashima’s cement company signed a contract with China's National Materials Group Sinoma –CDI to build the largest complex of building materials in Upper Egypt at a cost of EGP 6 billion.
Reports show that all cement factories in Egypt can produce up to 70m tons, while only 57m tones were sold in 2016. Most companies had had to reduce their operations.
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