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Tuesday, 31 May 2022

Orascom Construction subsidiary in negotiations with Indian investors looking to establish 3 factories in SCZone

SIDC to establish factories in Sokhna alongside Indian investors: Orascom Construction subsidiary Suez Industrial Development Company (SIDC) has signed preliminary agreements with three Indian investors who are looking to build three factories in SIDC’s industrial park in Ain Sokhna, CEO Amr El Batrik told Enterprise. El Batrik declined to name the investors.

On the production lines: The new facilities include one to manufacture pressure vessels used in pipes, another to produce packaging materials, and a third in the petrochemical sector, El Batrik said. Petrochemicals and packaging materials are among nine industries that the government wants to localize as it attempts to reduce its reliance on imports and cut the trade deficit.

How much is this all going to cost? The expected investment values will be determined once the investors complete the feasibility studies on the facilities, El Batrik said.

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