According to the latest reports, China’s Sinoma International Engineering Company intends to establish an iron and steel plant with a production capacity of 2 MnT per annum and investments are estimated to be around USD 100 million.
This came during a meeting between Minister of Investment Sahar Nasr and a delegation from the Hebei Provincial Government of China and eight Chinese major companies, as well as the Chinese company CFLD, which is specialized in the field of construction of new cities, during their visit to Egypt.
The Chinese companies have expressed their desire to inject new investments into the Egyptian market during the coming period. Egypt is welcoming Chinese investments in the light of appropriate economic climate and the economic and legislative reforms that have been done.
The Egyptian government is supporting the private sector to participate in Egypt’s mega-national projects, headed by the development project in Suez Canal, the New Administrative Capital (NAC).
The proposed new administrative and financial capital of Egypt is a large-scale project which will house the main government departments and ministries, as well as foreign embassies. Spread across 700 square kilometres total area, it would have a population of five million people, though it is estimated that the figure could rise to seven million.
As per the market reports, all the construction works of NAC is scheduled to be completed within three and a half years. The centre will feature a 345-meter of skyscraper, which will be the tallest building in Africa. It will also include 12 shopping malls, 5 residential buildings and 2 hotels.
Egypt rebar prices remain stable
Domestic rebar prices in Egypt have remained unchanged, with offers coming in at EGP 12,525-12,528 per tonne (USD 700 – 701/MT) ex-works, including 14% VAT. However, last week two market players, El Marakby and El Garhy have lowered down their rebar prices by EGP 200 -300 per tonne (USD 11 – 16/MT) and their rebar prices are heard at EGP 12,200/MT (USD 683/MT) and EGP 12,250/MT (USD 686/MT) respectively on ex-works basis, including VAT of 14%.
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