The head of the Arab Cooperation Committee in the Federation of Egyptian Industries, Mohamed El-Bahi, confirmed that more than 25 Egyptian companies intend to establish a joint-stock company before the end of this January with the aim of investing in Libya and participating in reconstruction projects.
In statements reported yesterday by several Egyptian media outlets attributed to the Al-Arabiya website, El-Bahi explained during a shareholders’ meeting, that the participating companies represent various sectors, including home appliances, engineering industries, construction, pharmaceuticals, industrial development, castings, electricity and lighting, iron and steel, spinning and weaving, and cosmetics.
Establishment of two industrial zones with an area of 600 thousand square meters each
He pointed out that the new company’s activity will focus on three main areas: industry, trade, and services. The company will also negotiate with the Libyan government to obtain 1.2 million square meters of land in the cities of Misrata and Benghazi, to establish two industrial zones with an area of 600 thousand square meters for each zone.
In the same context, the reports said Omar Abdel Aziz, Head of the Metal Castings Division at the Federation of Egyptian Industries and Executive Director of Misr Castings Company, said that the new company will include many Egyptian industrial entities, such as Al-Arabi Group, Kandil Steel, El-Sewedy Engineering Industries, Futech Lighting, and Misr Castings.
