Egypt’s Carbon Holdings signed a contract with the Suez Canal Authority on Saturday to build the $10.9 billion Tahrir petrochemicals project, producing raw materials needed by the country’s industrial sector.
The five million-square metre project, to be located at Suez Canal Economic Zone in Ain Sokhna, is set to become the biggest petrochemicals complex in the Middle East, according to the Egyptian Cabinet. It is expected to create 48,000 jobs.
“The project is funded by international institutions to comply with the petrochemicals strategy and represents an added value to the Egyptian industrial sector,” the Cabinet said in a statement.
Egypt is embarking on new mega-projects to attract investors. The 460-square kilometre economic zone around the Suez Canal, a major source of foreign currency, is designed to transform Egypt into a regional logistics hub.
Sourcing funding for the long-delayed Tahrir project is a positive step, Robin Mills, chief executive of Qamar Energy in Dubai, told The National.
“They’ve finally got the financing together, which will have a positive impact for investments,” Mr Mills said. “The project will boost Egypt’s petrochemicals exports and, when available locally, make it cheaper than when it was imported.”
Construction on the project must begin quickly as Egypt urgently requires the products of the petrochemicals facility, said Mohab Memesh, chief executive of the Suez Canal Authority and economic zone.
While economic growth has slowed in the north African import-dependent country since the 2011 uprising drove away tourists and foreign investors, recent reforms tied to a $12 billion IMF loan are aimed at reviving growth alongside major projects such as Tahrir.
“Structural reforms are critical for the success of the programme," the IMF Managing Director Christine Lagarde said at the weekend after the fund agreed to release the latest tranche of the loan.
_______________
Read more:
Gulf Capital joins in Egyptian investment recovery with petchems deal
Mubadala buys 10% stake in Egyptian Shorouk concession from Eni
_______________
"The aim is to address deep-seated structural impediments to growth and job creation, and create an enabling environment for private sector development," she said.
The Tahrir project will take around three and a half years to build and will comprise 11 plants, said Basil El Baz, chief executive of Carbon Holdings.
The scheme will help Egypt to double its exports within one year of coming online, Reuters reported, citing Mr El Baz. Tahrir will have to export all its production in the first year but as output increases, local manufacturers will be encouraged to expand and foreign ones will consider setting up next to the Suez Canal.
Exporting petrochemicals from Egypt to markets such as Europe and Asia will be highly competitive, Mr Mills said.
“Europe is already a declining market and Asia is a big market that everyone is targeting but Egypt will be competing with Sabic and Adnoc, so it’s a competitive market,” he said. “The challenge is to find a market that it is competitive in.”
When completed, the scheme will be Egypt’s first naptha cracker, producing various petrochemicals used in making different industrial and consumer products.
The Cairo-based closely-held Carbon Holdings, established in 2008, already has a polypropylene plant and a mining grade ammonium nitrate plant.
The company is planning to raise up to $250 million from a dual listing on the Egyptian stock exchange and the London stock exchange by the end of the first half of 2019, according to a report by Egyptian newspaper Al Masry Al Youm. The ultimate size of the listing is yet to be decided.
Egypt’s project is the latest in the region’s petrochemicals sector which has already seen recent announcements by Abu Dhabi and Saudi Arabia.
State-owned Abu Dhabi National Oil Company (Adnoc) and Saudi Aramco signed an agreement last week to jointly invest in a $44bn refinery on the west coast of India, the companies said on Monday.
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%203.9-litre%20twin-turbo%20V8%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E620hp%20from%205%2C750-7%2C500rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E760Nm%20from%203%2C000-5%2C750rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20dual-clutch%20auto%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1.05%20million%20(%24286%2C000)%3C%2Fp%3E%0A
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
Mercedes-AMG GT 63 S E Performance: the specs
Engine: 4.0-litre twin-turbo V8 plus rear-mounted electric motor
Power: 843hp at N/A rpm
Torque: 1470Nm N/A rpm
Transmission: 9-speed auto
Fuel consumption: 8.6L/100km
On sale: October to December
Price: From Dh875,000 (estimate)
Essentials
The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
The specs
Engine: 4.0-litre V8
Power: 503hp at 6,000rpm
Torque: 685Nm at 2,000rpm
Transmission: 8-speed auto
Price: from Dh850,000
On sale: now
Al Jazira's foreign quartet for 2017/18
Romarinho, Brazil
Lassana Diarra, France
Sardor Rashidov, Uzbekistan
Mbark Boussoufa, Morocco
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
More from UAE Human Development Report:
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
Mental%20health%20support%20in%20the%20UAE
%3Cp%3E%E2%97%8F%20Estijaba%20helpline%3A%208001717%3Cbr%3E%E2%97%8F%20UAE%20Ministry%20of%20Health%20and%20Prevention%20hotline%3A%20045192519%3Cbr%3E%E2%97%8F%20UAE%20Mental%20health%20support%20line%3A%20800%204673%20(Hope)%3Cbr%3EMore%20information%20at%20hope.hw.gov.ae%3C%2Fp%3E%0A