Vicat to invest $33.6mln in Egyptian operations

Company to work on concrete paving of Egypt’s main roads in partnership with the government

  
Image used for illustrative purpose. Labourers work on a road project in Falluja, 50 km (30 miles) west of Baghdad November 22, 2007.

Image used for illustrative purpose. Labourers work on a road project in Falluja, 50 km (30 miles) west of Baghdad November 22, 2007.

REUTERS/Mohanned Faisal

26 May 2019
Vicat Egypt, a subsidiary of French cement manufacturer Vicat, is planning to invest €30 million ($33.6 million) in the Sinai Cement Company over a three-year period to meet the needs of the local and regional market and raise production quality, the company CEO said.

Vicat acquired Sinai Cement Company, located near El Arish city, in 2003.

Tamer Magdy told Thomson Reuters Projects that the French parent, to date, has invested €200 million in its Egyptian operations which has benefitted from the large number of real estate and infrastructure projects in the country.

He said he expects regional cement market to grow after reconstruction activities pick up in neighbouring countries

"We are negotiating to export part of our production to Libya and Palestine next year to support the development and reconstruction of these countries," he said.

He also disclosed that the company is studying concrete paving of Egypt's main road networks in partnership with the government.

Sinai Cement's annual production capacity stands at 3.30 million tonnes of grey cement.

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)


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