Egyptians to have shares in Armed Forces’ companies: Sisi

CAIRO – 31 October 2019: President Abdel Fattah al-Sisi on Thursday affirmed the necessity to allow Egyptian people to have a share in the armed forces’ companies through selling these companies’ shares in the stock market.

Sisi made a tour of El Nasr Company for Intermediate Chemicals, to open the company’s medical and industrial gas plant, and another plan for producing hydrogen peroxide.

During his speech, Sisi said that the armed forces’ companies must be offered the chance to be part of the state’s plan to sell the companies’ shares in the stock market, while Egyptians would get the opportunity to buy shares in these companies.

Sisi also welcomed the private sector’s participation in this plan.

Sisi referred to Egypt’s sovereign fund, during the inauguration of two gas factories in Giza, promising that the fund would hold valuable assets.

Sisi said that the value that people would recognize in the fund would express the capabilities, assets and the economy of the Egyptian state.

Attending the inauguration, Sisi was briefed on the activities of the company which has been established on an area of 250 feddans and houses 17 factories, including 4 chlorine and caustic soda factories, 4 factories for producing aerosols, 4 factories for manufacturing pesticides and fertilizers, 4 factories for medical and industrial gases and a factory for manufacturing of fiberglass basins, tanks and pipes.

The hydrogen peroxide plant is considered to be the first of its kind in Egypt, according to statements. The gas is used in many industries including textiles, paper, pharmaceutical and food industries.

The factory produces 23,000 tons per year, and will export the surplus abroad, the statements read, adding that the country had been exporting 15,000 tons per year.

The two factories will provide 4,000 direct job opportunities and other 20,000 indirect job opportunities.

Prime Minister Mostafa Madbouli, Defense Minister Mohamed Zaki, House of Representatives Speaker Mohamed Abdel Aal along with a galaxy of ministers and senior officials accompanied the president during his tour.