The newly-established Arab Alloys Company is investing EGP 1 bn to build a ferroalloys industrial complex in the Suez Canal Economic Zone, Hapi Journal reports. The facility will produce several types of metal alloys and will be the largest of its kind in the SCZone, Chairman Medhat Nafei reportedly told the newspaper.

In detail: The complex will produce 48k tons of ferrosilicon alloy each year in addition to silicon manganese and silicon metal. It will be built over a five-year period, with the first two phases to be completed by 2024. The company is currently conducting an environmental impact assessment for the project and working on securing the needed furnaces, Nafei said.

Not much is known about the company: Established only a few weeks ago, Arab Alloys describes itself as the “first privately-owned company in Africa for the production of ferroalloys” though the identities of the shareholders are not known. It appointed Nafei as its chairman in late July and held its first board meeting on Sunday.

Also working on the project: Ziad Bahaa Eldin Law Office is providing legal advice on the project while EGEC has been hired as a consultant.