Raya Studies Establishing PII of Bareeq Factory
Raya Holding is considering the inauguration of Bareeq factory for recycling plastic next year.
Eng. Medhat Khalil, Chairman and CEO, Raya Holding, said establishing a second phase of the factory comes to meet the increasing demand on the recycled plastic bottles; referring that the company meets the local demand and exports some of its products.
The second phase of the factory will be by equal shares between the company and a number of banks to cover the venture’s total cost, Khalil added. He refused to disclose the expected value of the venture.
In his statements to “Amwal Al Ghad”, the CEO stated that the productive capacity of the factory’s first phase reached 13 thousand tons every year, to serve a number of local and global factories; pointing to both of Turkey and Saudi Arabia as the important countries that imports the products of Bareeq.
The venture’s investment costs reached EGP 120 million, and built on an area of 10 thousand square meters in 6th October City.
He explained that the company has purchased from one of the global companies the trademark of the materials; especially the plastic sector has good future growth rates, consequently it will maximize the company’s profits.
Some global reports affirmed that the Middle East will be a leading region in producing and exporting the plastic materials by 2015, at 30% annual growth rate.
