In an interview with Al Arabiya, Hisham Tawfik, Egypt’s minister of the economic sector, confirmed that the Misr Aluminum Company for Investment will be offered to Arab funds, as well as offering between 20% and 30% of a company that will be incorporated to include 7 hotels under its umbrella.
He also referred to the development of an entire plot of land in Luxor which will include hotels and conference rooms, as well as the Grand Continental Hotel in the center of the country, which will determine 30% to 40% of the company that will be established to finance and own this project. .
He said the size of the assets will be assessed in a later stage.
Interestingly, the Egyptian Prime Minister, Mostafa Madbouly, has announced that the government will launch a “state-owned document”, in which the economic sectors will announce in which the state will abandon investments or reduce participation rates in them.
Madbouly added in a press conference to announce the state’s vision to address the current global economic crisis, which the plan includes 21 measures to activate the stock exchange and double the market, as 10 companies will be launched later this year, including two for the ‘army.
The Egyptian business sector minister said an agreement was signed with a Chinese company in April for the production of auto The company name and model details will be announced next July, as well as a partnership with “Natco” to provide sales and maintenance services for 5 types of auto.
The Egyptian minister has instead revealed that spinning and weaving will enter in function in the first quarter of 2023 and said: “We have reached 80% of the construction, in awaiting the arrival of the machines, and from November or December they will be installed “.
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