Al Khaleej Sugar project to have 900k-tonne capacity

INVESTMENT WATCH- Jamal Al Ghurair’s planned USD 1 bn sugar plant plant in Egypt will help the country reach self-sufficiency, Investment Minister Sahar Nasr said, according to Reuters. The agro-industrial project, Al Canal Sugar, will be funded in part by Ghurair’s Al Khaleej Sugar Refinery, which will put in around USD 333 mn of the total cost. The Minya plant should begin production in 2020 and put out an annual 900k tonnes of sugar once its fully operational by February 2021. The plant will be located 200 KMs away from its market and use mostly beets as a raw material, according to Ghurair. Land for the project was allocated under a 60 year-contract, the newswire says. Bloomberg also has the story.