Sokhna Petrochemicals Company to increase investments: Minister

CAIRO - 20 November 2017: Minister of Investment and International Cooperation Sahar Nasr conferred on Monday with Chairman of Cairo-based Sokhna Refinery and Petrochemicals Co (SRPC) Essam Saqr on the company's plans to increase its investments in Ain al Sokhan region as it seeks to establish a refinery with a production capacity of 15 million tons of oil products annually.

This came at a statement released by the Ministry of Investment and International Cooperation at the end of the minister's visit to Kuwait.

Nasr also met with Chairman of Al Shaya Company Mohamed Hamoud Al Shaya on the possibility of his group's establishing the avenues complex mall in the New Administrative Capital and a medical complex adjacent to a hotel.

For his part, Al Shaya praised the measures taken by the Egyptian government to improve the investment climate over the past period, noting that such moves have encouraged the company to increase its investments to Egypt in the coming phase.

He said his company has investments of 130 mega shops grouping 22 international agents.

Nasr also conferred with members of the Egyptian-Kuwaiti Cooperation Council in the presence of Mohammad Jassim al Saqr, head of the Kuwaiti side, along with a number of Kuwaiti investors.

The minister also called for increasing the investments of Kuwaiti businessmen in Egypt in view of the new investment opportunities at the New Administrative Capital, the Suez Canal Corridor and New Alamein City.

Saqr, for his part, said the meeting comes as part of the efforts exerted by the Egyptian-Kuwaiti Council to boost historical and sisterly relations between the two countries.

Also, Deputy Executive Officer of Kuwaiti National Banq Sheikha al Bahr praised the progress achieved in the Egyptian economy and the recent rise of growth rates.