Egypt’s Qalaa Holdings seen revenues surpassing $5.25 bln next year

By Amwal Al Ghad English On May 5, 2019

Ahmed Heikal Qalaa Holdings — Qalaa Holdings Chairman Ahmed Heikal at Qalaa's section at the Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 14, 2015. (Photo Credit: REUTERS/Amr Abdallah Dalsh)

Egyptian investment company Qalaa Holdings is expecting revenues to exceed 90 billion Egyptian pounds ($5.25 billion) by next year, its chairman told Reuters on Sunday.

Between 50 and 55 billion pounds will come from Qalaa’s Egyptian Refining Company, which will commence operations in the third quarter of this year, Chairman Ahmed Heikal said. The refinery is expected to produce 2.4 million tonnes of diesel per year, he said.