According to the reports, Dubai’s Emaar Properties has planned to invest EGP 6 billion (USD 335 million) to increase the number of hotels in its Marassi project in Egypt in next five years.
Located about 125 kms (80 miles) west of Alexandria, Egypt’s second biggest city, the Marassi project was originally planned to include more than 3,000 apartments and 600 hotel rooms and suites.
The talks between the Egypt government and Emmar Proprieties are expected to be finalised within two months. This project will definitely give a boost to the country’s steel demand in the coming years ahead.
Apart from investment opportunities in Egypt’s hospitality industry, Emaar was also in talks to lead a USD 300-billion project to develop a new capital east of Cairo meant to avoid the pollution and overcrowding within the city. However, the deal failed to materialise with the Egyptian government in 2015.
Egypt has also signed an agreement this week to establish a power plant to generate wind power at a capacity of 500 megawatts in the Gulf of Suez.
The agreement was signed between the Egyptian Ministry of Electricity and Renewable Energy and representatives from companies including Orascom Construction, Engie, and Toyota Tsusho Corporation.
The estimated cost of the project is about USD 650 million and it is expected to contribute to producing about two billion kilowatts of energy annually. The project is also expected to save fuel and contribute to bringing down the emission of carbon dioxide. Such projects in the infrastructure sector are also likely to support the country’s domestic demand for steel.
Egypt rebar prices remain unchanged, billet offers fall
As per SteelMint sources, continuing the trend, the rebar prices in Egypt have remained unchanged this week also. The country’s major rebar producer, Ezz Steel, is offering rebar at EGP 12,528 per tonne (USD 700/MT) ex-works while another key domestic producer, Beshay Steel, is offering rebar at EGP 12,525 per tonne (USD 699.7/MT) on the same basis.
Suez Steel and El Garhy are offering the same at EGP 12,475/MT (USD 697/MT) and EGP 12,450 (USD 696/MT), ex-works basis. El Marakby’s rebar offers were last heard at EGP 12,500/MT (USD 698/MT), ex-works. All the domestic prices include VAT of 14%.
The rebar demand in the country at present is quite tepid and will continue to remain unchanged till August end due to upcoming Eid al Adha and Hajj religious celebrations after August 20.
The imported billet offers have registered a fall of USD 3-5/MT against last week and is currently being offered at USD 515-520/MT on CFR basis.
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