Engineer Khaled Hashim, the Minister of Industry, held an extensive meeting with representatives of Saint-Gobain Egypt, led by Ahmed Wafiq, the group's CEO in Egypt, to discuss the group's future plans in the Egyptian market and to follow up on the implementation status of its ongoing projects aimed at enhancing the sustainable building materials sector.
The meeting reviewed the group's investments in Egypt, which have doubled from €250 million in 2009 to €500 million. Additionally, the status of the group's two planned factories, which are set to enter production by September 2026, was discussed. The first factory specializes in producing specialized glass in the Suez Canal Economic Zone, which will be the largest factory for the group in the Middle East and Africa, with foreign direct investments amounting to €175 million. The project aims to produce 900 tons per day of glass used in automotive and solar energy industries, contributing to a reduction in import bills by approximately $35 million annually.
Details of the Meeting
The second factory specializes in producing gypsum boards in Sadat City, with investments totaling €40 million, and aims to export 60% of its production abroad, providing 600 direct and indirect job opportunities. The minister emphasized the ministry's commitment to providing all forms of support to the group to increase its investments in Egypt, which contributes to meeting local market needs and exporting to foreign markets.
The minister pointed out that the Ministry of Industry aims to localize technology and green manufacturing in the building materials sector, in addition to localizing industries that support the strategic industries targeted by the ministry.
Background & Context
Saint-Gobain Group is considered one of the leading companies globally in the field of sustainable building materials, demonstrating its commitment to providing solutions that reduce environmental impact and support the green economy. The group's approach aligns with the current state direction to attract investments that offer sustainable solutions.
The group's new projects include a clear commitment to global environmental standards, particularly in the fields of thermal insulation and solar energy glass, reflecting the importance of foreign investments in enhancing the local economy.
Impact & Consequences
The Egyptian government is working to remove obstacles to foreign direct investments, especially those that contribute to maximizing added value and localizing strategic industries. This meeting is considered an important step towards enhancing cooperation between the public and private sectors, contributing to sustainable development.
The minister also listened to the challenges facing the group in its new projects and ways to address them to enable the group to adhere to its manufacturing plans. This collaboration reflects the government's commitment to providing an attractive business environment for investors.
Regional Significance
Investments in the sustainable building materials sector are fundamental to enhancing economic growth in the Arab region. By supporting companies like Saint-Gobain, Arab countries can achieve sustainable development goals and enhance their competitiveness in global markets.
These projects contribute to creating new job opportunities and fostering innovation in the industrial sector, benefiting the local economy and enhancing social stability.
Enhancing investments in the sustainable building materials sector is a strategic step towards achieving sustainable development in Egypt and the region, supporting the economy and strengthening the country's ability to face future challenges.