Egypt’s steel tycoon Ahmed Ezz, Chairman of Al Ezz Dekheila Steel Company, signed an agreement with DP World Sokhna, said the Deputy Chief Executive Officer at DP World Ibrahim Alhammadi.
The agreement was supposed to be signed in 2013, Alhammadi noted, but Ahmed Ezz, who was also the secretary-general of Hosni Mubarak’s NDP, was standing trials since shortly after the outbreak of the 2011 revolution on graft and corruption charges.
The Egyptian businessman was released last August 7th, after paying EGP 152 million in unpaid bills, money laundering charges and illicit gains
Alhammadi revealed that the agreement includes the preparation of infrastructure to receive raw material for Al Ezz Dekheila Steel’s plants and exporting steel.
Furthermore, he also revealed that the project’s economic feasibility will be in its first stage which represents the arrival of 2.5 million tonnes of raw steel, in the second stage 5 million tonnes in favour of Ezz’s company.
DP World Sokhna CEO stated that the first ship to arrive will be by early next year and the port has been already equipped with cranes specialized in receiving steel and exporting it.