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INVESTMENT-
Two new recycled plastic factories courtesy of BariQ: Intro Group’s recycling company BariQ is setting up two recycled plastic factories in Sixth of October this year with combined investments of USD 30 mn, head of the company’s financial sector Hussein Youssef told Al Borsa.
Where things currently stand: Construction of the first factory is complete, with operations to begin during 1H 2024. The factory will have a production capacity of 34k plastic granules, Youssef said. Construction of the second factory is scheduled to be completed during 4Q 2024 and it will have the same production capacity as the first factory. The two factories will increase BariQ’s annual exports by an annual USD 60-70 mn and help it build a presence in new markets such as Saudi Arabia and African countries, Youssef added.
TELECOMS-
Telecom Egypt to expand its networks with EXA Infrastructure: Telecom Egypt inked an agreement with UK-based digital connectivity firm EXA Infrastructure to link Egypt with EXA’s extended network to Europe through 19 subsea cable routes, according to a Telecom Egypt statement.
