Saudi Arabia’s Kenan plans EGP2b copper, metal complex in Egypt

Saudi Arabia’s Kenan Holding plans to build an integrated copper and metal industries complex in Egypt with investments of about 2 billion Egyptian pounds ($41.5 million), Egypt’s industry ministry said on Thursday.

Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir met Kenan’s Chairman Muhailab Almuhailab in Cairo to review the project, which will include several factories producing copper water fittings, taps, valves, and mixers, as well as zinc and stainless-steel accessories.

The complex, expected to create over 1,000 direct jobs, aims to boost Egypt’s metalworking capacity, reduce reliance on imports and expand exports to regional and global markets, the ministry said.

El-Wazir said Egypt welcomes “quality investments” that meet domestic demand before targeting international markets, adding that Cairo seeks to develop integrated industries with Saudi Arabia as part of their broader strategic partnership.

Kenan already operates a factory in Alexandria converting brass scrap into globally certified ingots, supplying Egypt’s local market and exporting to several countries.

Attribution: Amwal Al Ghad English