Saudi Firm Plans $80 million Fresh Investments in Egypt

Big 5

Saudi-based Construction Products Holding Company (CPC) is planning to pump around US$80 million worth of new investments in Egypt through constructing three plants soon.

Referring to the three projects, Riad Kiwan – Chief Operating Officer at CPC – revealed that his company plans establishing an aluminum plant at an investment cost of US$40 million, a glass coloring plant at US$15 million, and a construction aluminum plant at US$20 million.

Furthermore, Kiwan also said CPC is aiming to acquire an Egyptian building materials company in the coming phase, as part of its plans to strengthen its presence in the local market.

CPC signed on Tuesday an EGP 816 million agreement to fully acquire Sphinx Glass, a subsidiary of Egyptian equity firm Qalaa Holdings.