Egypt’s military establishes multi-industry company

Egypt’s ministry of military production established a new conglomerate with operations in a range of industries, including engineering, infrastructure, real estate, tourism, marketing, agriculture and manufacturing.

Under decree number 64 for the year 2015 published in the official gazette issue on May 18th, the conglomerate will be allowed to undergo a merger, acquisition or partnership deal with any organisation or company as part of its operations inside or outside of Egypt.

MP for Engineering Consultancy and Projects and Public Procurement is established with a capital of LE100 million ($13.1 million) and is completely owned by the National Organisation for Military Production (NOPM) with no stocks listed in the bourse.

The Egyptian military, through its engineering authority, already contributes to infrastructure and mega-projects such as the digging of the new waterway along the Suez Canal.

Source: Ahram online