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Egypt approves $1bn steel production complex

Egypt's new steel complex will have a production capacity of 1.8 million metric tonnes per year Unsplash.com
Egypt's new steel complex will have a production capacity of 1.8 million metric tonnes per year

Egypt is to establish an integrated industrial complex to produce flat steel with investments worth $1 billion as the country aims to build up its heavy industries sector.

With a production capacity of 1.8 million metric tonnes per year, the complex will target global exports and serve the local market, Egypt Today news daily reported, citing a cabinet statement.

The project has been given the nod from the General Authority for the Suez Canal Economic Zone and will be established in cooperation with an unidentified international company.

Production is expected to start 18 to 24 months after obtaining approvals.

Cabinet spokesman Nader Saad said the project will create 6,500 jobs, of which 2,000 are direct and 4,500 indirect jobs.

In May the Sovereign Fund of Egypt (TSFE) and private equity company B Investments announced the launch of EZ International, which will expand the country’s manufacturing capabilities and trade services in the pharmaceutical sector.

Egypt’s minister of planning and economic development and TSFE’s chairperson Hala El-Said said the venture is in lockstep with the country’s Vision 2030 and aims to develop the pharmaceutical sector’s manufacturing capabilities and trade services.