Last Update 15:40
Saturday, 20 July 2019

UAE's Al-Ghurair to invest in $1 billion in Egyptian sugar production project

The project is set to fill 80% of the sugar consumption gap and provide as many as 200,000 jobs

Ahram Online , Tuesday 23 Jan 2018
sugar
(Photo: Al-Ahram)
Share/Bookmark
Views: 8461
Share/Bookmark
Views: 8461

UAE-based Al Ghurair Group will invest in a $1-billion sugar production project set to fill 80% of the consumption gap, Egypt's Investment Minister Sahar Nasr said during a press conference on Monday.

The project consists of the cultivation of 181,000 feddans in Egypt's Minya governorate, mainly of sugarcane, in addition to a sugar production factory, cabinet spokesperson Ashraf Sultan told Egypt's DMC TV channel on Monday.

Egypt's ministry of investment and international cooperation and ministry of agriculture on Monday jointly signed an agreement with Canal Sugar Company, a subsidiary of Al Ghurair Group, to establish the project.

Canal Sugar Company will have a 33% stake in the project, with the rest to be available to local investors, according to Bloomberg.

The project is expected to offer 200,000 direct and non-direct job opportunities, according to Agriculture Minister Abdel-Moneim El-Banna.

Egypt consumes around 3 million tonnes of sugar every year.

Local production provides 2.2 million tonnes, leaving an 800,000-tonne consumption gap, El-Banna told Ten TV.

The signing comes one day after the Supply Ministry increased the price it pays to farmers for sugarcane to EGP 720 per tonne from EGP 700, effective beginning of the month.

The price increase will not increase sugar prices, which are set at EGP 9.5 per kilogram, Supply Ministry spokesperson Mahmoud Ramadan said on Egypt's ON Live TV channel on Monday.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.