Suez Cement Delays Project of EGP 1.5 Bln On Political Instability

Suez Cement (SUCE.CA) has decided to postpone carrying out its project regarding adding new production lines to its plant in Suez. The investment cost of this project amounts to EGP 1.5 billion.

Bruno Carré, Suez Cement Managing Director, said the current consecutive political updates in Egypt have made the company delay its project until the conditions become more stable.

“The project aims at increasing the production capacity of its plant located in Suez so as to reach 2 million tons.” Carré added

“This would then lead to raise Suez Cement’s share in the Egyptian market.”

Worth mentioning, Suez Cement’s share in the Egyptian market amounts to 15% of the total number of the firms which work in this vital sector.

“Suez Cement has faced a series of big challenges which brought negative impact.”

“Consecutive political updates which added more concerns and the state of ambiguity regarding the main features of the coming phase in Egypt deeply affected the company besides some of the major sectors mainly construction and building materials.”

Carré also added; “such large projects are in dire need for more stability.”