UAE Mulls Investing EGP5bn in Egypt’s Sugar Industry

Sugar and Integrated Industries Egyptian joint stock company (ESIIC) affiliated to the Holding Company for Food Industries Mohamed Abdel Rehim Chairman revealed that UAE is ready to pump EGP5 billion in sugar industry.

Minister of Supply Khaled Hanafy signed Memorandum of Understanding(MoU) with Sowaidan’s (United Arab Emirates) Group from few days in order to establish investment projects in storage and trading wheat,  launching silos, sugar industry, launching commercial markets and logistic regions with the aim of turning Egypt into global logistics center in addition to achieving food security locally and globally.

It is currently considering the regions of sugar industries which are needed by Egypt besides the factories affiliated to the company, Abdel Rehim added.

Moreover, fresh investments worth EGP400million have pumped within the current fiscal year of 2014/2015 so as to develop and modernize the production lines of the company, stressing that the company eyes buying developed production lines to increase its capacity from one million and 100.000 tonnes sugar to 2 million annually.