Suez Cement to sell land plot next to Egypt new capital
Egypt’s Suez Cement Company announced on Sunday that it will soon sell an industrial land plot over 20,0000 square metres near from the country’s new administrative capital, 45km (28 miles) east of Cairo.
The company achieved net profits worth 250.59 million Egyptian pounds ($14.1 million) during the first months of this year, compared with losses worth 40.61 million pounds during the same period last year.
Established in 1977, Suez Cement is the largest grey cement producer in Egypt with a production capacity of four million tonnes per year.
The company, which exports products to Arab, African, and European markets, started its activities by building its first plant in Suez followed by Kattameya plant with investments of 1.7 billion pounds.
As for the new capital, the anticipated city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.