CAIRO: ASEC Cement Company is to build three new cement factories in New Suez Canal axis with Saudi-Lebanese investments worth $900 million, on a space of 250,000 meters, Youm7 reported Monday.
General Secretary of the Saudi-Egyptian Business Association (SEBA) Ahmed Darwish told Youm7 that the establishment of the three factories is to be completed by mid-2016.
The three factories include a Gypsum Powder factory and another for Gypsum boards production, according to Darwish.
The Arab Swiss Engineering Company (ASEC) is one of Citadel Capital’s pioneer companies for investment in the Middle East and North Africa region, with investments in cement, engineering, food, energy and construction.
Citadel Capital is one of the leading registered companies in the Egyptian Exchange (EGX), and is scheduled to set up new energy company in Egypt in the upcoming period.
ASEC operates 10 cement factories in Egypt, which represent about 25 percent of the production capacity of cement in the Egyptian market.