El Nahda Cement Company will be supplied with equipment by a Chinese company, according to a contract signed between El Nahda Company and the Chinese TCDRI Company. The Chinese company will be committees to establishing El Nahda Cement Factory in Qena.
The ceremony of signing was witnessed by the Minister of Investment, Dr. Mahmoud Mohieldin; the Chairman of the Holding Company for Metallurgical Industries, Eng. Adel El Mozy; the Chairman of Insurance Holding Company, Mr. Mahmoud Abdullah; the Chairman of the Arab Contractors Company, Eng. Ibrahim Mahlab and Chairman of El Nahda Cement Factory, Eng. Nabil El Gabry.
From among three international companies, the Chinese company was selected as the best bidder for Euro 164 million, including local products of Euro 49 million equivalent to LE 350 million.
The factory will be implemented within 28 months to produce clinker and 30 months to produce cement. The factory's equipment will be supplied from the largest factories in Germany.
Establishment of the factory will be monitored by an electronic counter to be installed at the entrance of the road to the company on Qena- Safaga Road. The factory will employ 580 workers from Qena and the Upper Egypt as direct laborers in addition to hundreds to indirect jobs.
The company's capital is LE 600 million and has investments of LE 1738 million. Its ownership structure is as follows: 30 percent held by the National Cement Company, 30 percent held by the Arab Contractors Company, 20 percent held by the Holding Company Chemical Industries and 20 percent by the Insurance Holding Company. The factory will have a capacity of 1.5 million tons of cement per year.
The factory's land is located at the 20th Kilometer on Qena-Safaga Road. The approval of the Environmental Affairs Agency was obtained.
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© Press Release 2009
