CEMEX to invest US$100 million in Egypt

Company reinforces its commitment to housing, commercial and infrastructure development

CEMEX say they expect to invest approximately US$100 million (c.700 million Egyptian pounds) to significantly improve their operations in Egypt and continue supporting the country’s housing, commercial and infrastructure development.

The planned investments were discussed in a meeting between Sergio Menendez, president of CEMEX in Egypt, and Yehia Hamed, Egyptian Minister of Investment.

‘CEMEX are constantly providing industry-leading building solutions that help improve the well-being of the people of Egypt,’ said Mr Menendez. ‘This investment is expected to support the sustainable development of Egypt for many generations.’

A sizable percentage of the investment will be used to increase CEMEX’s capacity to use coal and pet coke as energy sources in their Assiut cement plant, helping to eliminate fuel subsidies by 2014.

CEMEX also plan to install new waste co-processing and environmental equipment in the plant to continue reducing its emissions and to increase its alternative fuels usage.

The company also expects to invest in equipment to build and promote the construction of concrete roads, which represent a more durable and cost-effective building solution in Egypt.

In addition, the operational improvements are expected to further enhance the company’s affordable housing efforts, specifically in Upper Egypt, fostering the creation of new jobs in this region.

Among the key points highlighted by the Minister during his conversation with Mr Menendez, was his commitment to protect foreign investment in Egypt.

Accordingly, he has proposed two amendments to the country’s laws regulating investment which will guarantee the rights of the State and the rights of investors with regard to factories or companies owned in the country.

The amendments have recently been approved by the cabinet and are awaiting approval from the Shoura Council.