The National Bank of Egypt, successfully completed a US $1bn deal with Al Ghurair Group to establish the world’s largest beet sugar factory.
The project champion is Emirati investor Jamal Al Ghurair. Mr. Jamal serves as Chairman and Managing Director at Al Khaleej Sugar Company L.L.C. He has a broad base of commercial experience in the sugar business. As well as, holding key posts in other public and private sectors.
At the agreement signing was Hisham Okasha, executive chairperson of the National Bank of Egypt. More so, the agreement will see UAE investors contribute 70% of the capital, and remaining 30% by the National Bank of Egypt.
The beet sugar factory will have a capacity of 1m tonnes per year. Thereby, significantly bridging the demand and supply gap. It is estimated that the project will cut imports by $800m per annum, thereby improving the nation’s GDP. This deal will give foreign investors confidence in the Egyptian market, and will have a snowballing effect, as more foreign direct investments will flow into the economy. These economic activities will ensure the creation of more jobs. It is estimated that the project will provide 2,500 direct and indirect jobs during the construction period. Further, creating 1,500 permanent jobs upon completion. While 50,000 indirect jobs will come on stream through contractual agriculture.