Aswan Cement to apply for new cement license

Aswan Cement is looking to acquire a cement production license from the Industrial Development Authority (IDA) in a bid to boost its production capacity to 3.5 mn tonnes per annum from 1.5 mn today, Al Borsa reports. At the end of 2016, the IDA had tendered 14 licenses, but awarded only three to Egyptian Cement, South Valley Cement, and El Sewedy Cement. The IDA opened tenders for the remaining 11 last month and has now announced a deadline for applications. Industry players say there is oversupply in the market, a development that will only worsen when the world’s largest cement plant comes online in Sinai by 2018 or so.