Vicat Egypt to invest in Sinai Cement

Vicat Egypt is expected to invest up to EUR30m in Sinai Cement Co to meet the demand of the local and regional market. Tamer Magdy, CEO, Vicat Egypt, made the announcement during an event celebrating the 15th anniversary of the company’s presence in the Egyptian market. Vicat acquired Sinai Cement, based near El Arish, in 2003.

The Egyptian economy has the potential to recover as it is moving forward on the back of the country’s policies, according to the CEO of Vicat Group, Guy Sidos.

"With each passing day, we were confident of the return of stability to the Sinai," stated Mr Sidos.