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FINANCIAL NEWS
Egypt’s OCI plans to make heavy investments in Egypt
05 Nov 2014
(MENAFN) Egyptian OCI, the chemicals and construction group, announced it is planning to make heavy investments in Egypt, beginning with a multibillion-dollar project related to the power sector in partnership with a prominent Middle Eastern group which will be presented to the government soon, Gulf Business reported.
Egypt has been trying to build its economy and fix state finances, which has been negatively affected due to the drop in foreign investment and tourism due to political unrest, by planning many mega projects, particularly in the infrastructure sector, with projects that include an expansion of the Suez Canal and a massive roads project and OCI said that their investment plans could involve that sector.
OCI, which is a global producer of gas-based chemicals and an engineering and construction contractor, said that these plans come after it has resolved a tax dispute it previously had with the Egyptian government.
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