Egyptian Steel Group was one of the first to invest in Egypt after the 2011 revolution, a bet that has clearly paid off as the company now looks to increase its market share to 20% and achieve a production capacity of 2.3 million tons per year by 2018 to meet the rising demand for steel in the country
A country that only five years ago was in the midst of experiencing political turmoil and revolution, Egypt has come a long way in the last half of the decade. Last year, the Minister of Trade and Industry approved an 820 million EGP ($92 million) plan to establish an industrial zone in South Sinai that will create jobs and attract foreign investment to the Peninsula. A vocational school will be set up as well as low-cost housing units that will be made available for workers.
The Ministry of International Cooperation also announced last year that with the almost $6 billion in aid accumulated from the Arab entities, major efforts in urbanization of almost 620,000 acres is planned to link Sinai with the Delta area, concentrating on infrastructure, roads, water and sewage plants. These developments coincide with the boom of the Suez Canal Zone project that has the potential to double revenues in the next ten years.
The Suez Canal has long been the prominent economic stream for Egypt and is expected to represent 30-35% of the country’s improving economy. What the zone also does is create an opportunity for even more industrialization to develop the surrounding areas and to draw in attention from investors from across the globe to the potential of this region.