President Abdel Fattah El Sisi inaugurated a new phosphate and compound fertilizer manufacturing complex at the Ain Sokhna Industrial Zone yesterday, according to a local press report. The complex is said to be the largest in the Middle East and houses nine phosphate-based fertilizer factories. It contains a water desalination plant and a sea dock for exporting, as well as various administrative, accommodation, medical, and entertainment facilities, the Defense Ministry’s National Service Products Organization head Moustafa Amin said. The project was built by German construction outfit ThyssenKrupp at a cost previously estimated at USD 1 bn.
More from Enterprise
How correspondent banking works, and what the FinCEN clampdown on Banque Misr UAE means for business
As FinCEN proposes cutting Banque Misr’s UAE branches from USD…
Inside the financing of Egypt’s IPP boom
The contracts and the resources are proven, so the open…
EGX30 gained 2.79% in 3Q, but September gave back most of its July-August run, with mid-caps falling the hardest
Small- and mid-cap indices widened their lead over the benchmark…
Egyptian-UK fintech Zeal raises USD 10 mn to back expansion plans
The London-based, Egyptian-founded fintech is preparing to activate its loyalty…