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Arab Finance: The Ministerial Group for Industrial Development, chaired by Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir, approved two projects submitted by the Suez Canal Economic Zone Authority (SCZONE), according to a statement.
With investments of $1 billion, the first project will manufacture chemicals, including pesticides, chlorine products, and alkalis. It will be located on a 320,000 square meter area.
The second project will span 380,000 square meter to manufacture car tires, with $291 million in investment.
Both projects will be submitted to the Supreme Energy Council (SEC) to approve the needed electricity and gas allocations.
El-Wazir outlined the industry ministry’s plan to issue three licenses for building new cement plants, each with a single production line.
The ministerial group also reviewed expansion projects for several existing cement facilities, which received a nod from the ministerial group and the SEC.
The minister noted that these projects are part of the state's objectives to enhance the production capacity of the cement sector and meet the local market needs.
