Sugar project the largest non-oil FDI since EGP float -Nasr

Al Ghurair Group’s vertically integrated sugar plant in Egypt is the biggest non-oil foreign direct investment transaction in Egypt since the EGP float, Investment Minister Sahar Nasr told Bloomberg. Al Ghurair will put in USD 333 mn of the USD 1 bn project and then will raise its stake to 51% when it is completed in three years. Egyptian companies, including Al Ahly Capital Holding, will hold the remaining stake, Nasr said. She added that “the project will benefit from a tax break for three years because it will be located in Upper Egypt,” Bloomberg notes.