Egypt: Premiere aims to attract new investment for cement sector

Ahmed Abdelmoghny, managing director of Premiere, said his company sought to raise EGP3.5bn (US$186.9m) for an Egyptian cement company to establish a 1.5Mta cement works on the Ain Sokhna Desert road.

He stressed that promoting the Egyptian plant in the Gulf is still ongoing to find financing mechanisms, noting that Premiere held several promotional meetings with several investment funds in the United Arab Emirates and Kuwait, to attract money for the cement industry.

The Industrial Development Authority (IDA) earlier offered eight cement licences for 2017 for the establishment of grey cement factories in several governorates, including Beni Suef, Minya, Qena, Sohag, Aswan, New Valley, and Suez, with a production capacity of 2Mta for each project.

Egyptian companies including Ahmed Abou Hashima’s Egyptian Cement Co, South Valley Cement Co SAE (SVCC) and El Sewedy Cement Co were awarded licences. Each of the three companies was awarded one licence.