Al Canal Sugar and El Deiab for Land Reclamation signed a partnership agreement for the reclamation of 100,000 feddans as a first phase of the company’s reclamation plan
The three-year deal represents the first phase of the company’s 181,000 feddan reclamation plan.
Al Canal is setting up a USD 1 bn sugar beet processing facility in West Minya, which will reach its full capacity of 900k tonnes in 2022.
Canal Sugar’s CEO and managing director, Islam Salem, said that the project is “a main execution step in our mega project to set up the largest agro-industrial project in Egypt since 1952.”
The plan includes the establishment of the world’s largest sugar production plant in west of Minia with an output capacity of 900,000 tonnes per year and the cultivation of 181,000 of desert land, Salem added.
It is noteworthy to mention that Canal Sugar is an Egyptian joint stock company, owned by the UAE-based Jamal Al Ghurair, Al Ahly Capital Holding, and Murban Energy of Abu Dhabi.
The company aims to build and operate the largest sugar production plant over 240 feddans and to reclaim and cultivate 181,000 feddans of desert land at an investment cost of $1 billion.