ASEC to carry out Gypsum Factory in Suez – SEBA

ASEC Cement Company intends to build a new gypsum factory in the north west of Suez Gulf, Egypt, the secretary-general of Saudi-Egyptian businessmen association (SEBA) Ahmed Darwish announced Sunday.

The factory will be built on a space of 250.000 metres, with total investments worth 700 million Egyptian pounds (US$65.5 million).

ASEC CEMENT is a platform for investments in emerging cement markets in the Middle East and North Africa Region and was created in November 2005 by Qalaa Holdings, the MENA region’s leading private equity firm.

ASEC would start construction works immediately after signing the contracts to get the lands on which the factory would be built, Darwish clarified.

Moreover, Darwish pointed out that the new factory comes within a bunch of new Saudi investments set to be injected into Egyptian markets within the upcoming period.