Optimism about Egypt’s Outlook behind Citadel’s Capital Hike – Heikal

Big 5

Ahmed Heikal, Founder and Chairman of Citadel Capital (CCAP.CA), the leading investment company in Africa and the Middle East, expressed optimism about Egypt’s future.

The Egyptian people are now convinced that they should address economic challenges, which is the first step towards taking decisive decisions that will be part of the solution, the top official added.

During TV programme ‘Business Day’ on CNN, Heikal said that optimism about Egypt outlook encourage Citadel to carry out a capital increase by $520 million that will go for new investments.

The company is currently building a refinery with $3.7 million investments and is set to establish an energy subsidiary in partnership with international institutions, in which $540 million worth of investments will be injected.

Heikal said on Wednesday his company submitted an offer to the government to construct a electricity generation plant with $1.3 billion investments.
Heikal added in a televised statement the plant will produce 1 Gigawatt. He said Citadel is currently establishing Citadel Energy to carry out the project in which financing institutions will inject $540 million.
The project will likely help resolve Egypt’s persisting energy crisis, Heikal said, stressing that Citadel firmly believes in Egypt’s strong ability to restore confidence in its economy.