The Minister of Investment, Dr. Mahmoud Mohieldin and the Governor of Qena, General Magdy Ayob laid the foundation stone of El Nahda Cement Company in Qena, Egypt.
The company is expected to start production in 2010 with a capacity of 1.6Mta. The new cement company is owned by the National Cement Company (30 per cent), the Holding Company for Chemical Industries (20 per cent), the Holding Insurance Company (20 per cent) and the Arab Contractors Company (30 per cent).
Dr. Mohieldin said it is important to finalise the project in a timely manner. These projects, he added, are established in Upper Egypt within priorities set by President Mubarak to establish more economic projects to create more jobs for Upper Egyptians and improve their living.
The Minister of Investment explained that El Nahda project will create 526 direct jobs in addition to indirect jobs. It will also contribute in meeting the increasing demand on cement, necessary for housing and development projects.
The Ministry of Investment gets involved with 20 per cent stake in other projects to encourage the private sector.
The Ministry will take part in another cement project in Sohag with a 40 per cent stake.