UAEs Corys Investments, GF form JV for Egyptian market

UAE - The UAE’s Corys Investments announced its joint venture with Switzerland-headquartered GF Piping Systems, a subsidiary of Georg Fischer, and Egypt Gas to establish a new production facility for plastic pipes and fabricated fittings in Egypt.

The new JV, named Egypt Gas GF Corys Piping Systems, seeks to improve the Egyptian gas and water distribution market, according to a press release on Sunday.

With an initial investment of nearly AED 80 million, Corys and GF will take the industrial lead while holding 75% stake equally, while Egypt Gas will own 25%.

The signing of the joint venture’s agreement is anticipated to be closed in the first quarter of 2020, while the facility’s operation is expected to be in 2021 with a production capacity of around 20,000 tonnes.

Commenting on the new joint venture, the CEO of GF, Andreas Müller, said: “Together with the expertise of our partners, we plan to strengthen our presence and bring our know-how of sustainable solutions for the safe transport of water and gas to the Egyptian market."

Meanwhile, chairman and delegated member of Egypt Gas, Wael A. Gowayed, referred: "Egypt offers great investment opportunities. The most significant of these is the establishment of many new cities with huge utility networks in which Egypt Gas Company is involved. Therefore, the idea of this joint venture makes a lot of sense and is beneficial.”