Egypt’s Govt: Turkish Firm Needs Egyptian Partner To Establish Factor In Sinai

The Egyptian government is looking for an Egyptian partner for a Turkish firm, which is seeking to establish a factory for cement in Sinai nearby Maghara Coal Mine, said the Egyptian Minister of Industry, Eng Hatem Saleh. The share of Egyptian partner will be 10%.

In exclusive statements to “Amwal Al Ghad”, Eng. Hatem Saleh asserted that the negotiation with the Turkish group is still ongoing as the conditions of investing in Sinai require an Egyptian partner. Therefore, the Ministry of Finance is thinking over National Cement Co. (NCEM) or any other company that not necessary operates in cement but ready to be a partner in the Turkish Group.

The Industrial Development Authority (IDA) has officially received an offer from the Turkish Group to construct a factory for cement next to Maghara Coal Mine in Sinai at initial investments reach $ 400 million.

It is work mentioning that the volume of the Turkish investments in Egypt amount to $ 1.8 billion in 393 firms, at total Turkish capital exceed $ 245 million. The investments of the industrial sector represent 87% of total volume of the Turkish investments, especially the textile industries, chemical, engineering industries in addition to the food industries. As to the tourism sector, it acquires 5.4% of total Turkish investments in Egypt, while the services represent 3.9%.