EL-Garhy eyes investing in chemicals sector amid exiting Solb Misr Group

Egyptian businessman Gamal El-Garhy -Head of Misr National Steel Company (Ataqa)- plans to invest in chemical industries sector and expand in local market.

El-Garhy told Amwal Al Ghad Monday that this step follows exiting Solb Misr Group after selling  majority stakes in Ataqa for US$1.135 billion to Public Services of Armed Forces . The rest of stakes are owned by Lebanese businessman Rafiq Daou.

El-Garhy added that the necessary studies about the new investments would be conducted within the coming period.

He asserted that investment indicators in the Egyptian market witnessed an improvement following the economic reform decisions made by the government recently notably liberalising  exchange rate and reduce fuel subsidies.