Egypt inks agreement to establish LE 1.6B silo factory in East Port Said

CAIRO - 27 March 2024: Egypt’s East Port Said Development and Feerum Egypt signed an agreement to allocate land for the establishment of a grain storage silo factory in East Port Said with investments valued at LE 1.6 billion, according to a cabinet statement on Wednesday.

According to the agreement, Feerum Egypt will establish a factory in the industrial zone in East Port Said, covering an area of 51,950 square meters. The factory will be responsible for designing, manufacturing, and installing grain storage silos, as well as their components and accessories. 

Feerum Egypt will collaborate with the Egyptian domestic partners, Samcrete Company and the Egyptian Holding Company for Silos and Storage.

This came in a signing ceremony today witnessed by Prime Minister Mostafa Madbouly in the presence of the Chairman of the Suez Canal Economic Zone (SCZONE), Walid Gamal El-Din. The contract was signed by the Chairman of the Board of Directors of East Port Said Development Company, Karim Sami Saad, and the President of the Feerum SA Board Daniel Yanush. 

The Prime Minister emphasized that this contract aligns with President Abdel Fattah El-Sisi's comprehensive plan to expand the localization of strategic industries, particularly within the Suez Canal Economic Zone. The goal is to deepen the manufacturing of grain silos and their components, reduce dependency on imports, and promote exports.

Feerum aims to achieve an 80 percent local component in its final product within the next 3 to 5 years and envisions becoming a supply center for the grain silo industry in Africa and the Middle East, with potential future expansion to serve Europe.