Emirates Steel eyes US$60mn Sales in Egypt This Year

Abu Dhabi’s Emirates Steel is targeting sales worth US$60 million from the Egyptian market within 2015, vice president for sales Juma Nasser Al Mansouri said.

In statements to Amwal Al Ghad on Sunday, Al Mansouri pointed out that Emirates Steel achieved sales worth US$35 million in 2014.

Emirates Steel will have remarkable participation in Egypt’s March Economic Summit in Sharm El Sheikh, aiming to determine the best available investment opportunities in Egypt’s steel field, Al Mansouri noted.

Furthermore, the Emirates businessman stated that the local market still enjoys several factors needed to allure investors. He further explained that Emirates Steel is operating through a number of agents and suppliers in the Egyptian market.

Al Mansouri denied Emirates Steel’s intension to launch a new steel factory in Egypt saying that the company already has its products spread throughout 29 countries with investments reaching AED 11 billion approximately.

Emirates Steel is owned by SENAAT, the UAE’s largest industrial conglomerate and a driving force for implementing the Abu Dhabi government’s industrial diversification policy.