Egypt's Industrial Development Authority has approved the offer of the Kuwaiti Al-Kharafi Group to build Egypt's second steel billet plant at an estimated investment cost of $800 million.
Emak for Commercial Agencies Company, a subsidiary of Al-Kharafi Group, will build the plant which will produce an annual 6 million mt of billets.
This authorization comes less than a year after Al-Kharafi was awarded the first-ever contract for the production of steel billets in Egypt.
The newly awarded license is in line with the company's plans to boost its investments in Egypt.