Emirati investors to tap Egypt market

Inayat-ur-Rahman

The Dubai Sugar Conference, the pre-eminent event of the global sugar industry, opened its doors in Dubai on Monday. The event is once again  hosted by Jamal Al Ghurair, Managing Director and Principal Shareholder of Al Khaleej Sugar and Jacob Robbins, Founder and CEO of Emeterra.  Over 700 delegates including 50 speakers from over 62 countries are attending the three day conference.

Islam Salem, Managing Director and CEO of Canal Sugar told media on the sidelines of the event that a few Emirati businessmen, along with Egypt’s Al Ahli Capital Holding, are planning to pump $1 billion to Egyptian sugar industry in order to build a sugar refinery as well as develop agriculture land in Egypt.

Located in Minya Governorate of Egypt, the Canal Sugar will produce 900,000 metric tonnes of white sugar per year, adding that the Egypt’s annual sugar demand is around 3.3 million metric tonnes.

Jamal Al Ghurair, Managing director of the UAE-based Al Khaleej Sugar, and other UAE investors will hold 70 per cent stake in the sugar refinery while the rest of 30 per cent will be controlled by Al Ahli Capital.

“Total investment cost of the project is $1 billion. Factory and part of the farms will be ready by end of 2020 and refinery should start production in early 2021.

The company has already obtained $165 million of bridge loan and is negotiating to raise more funds with local and international banks, he added.

“Al Ahli Capital Holding is also financial advisor and we believe the funding will be finalised in the next couple of months,” he said.  

Salem told Gulf Today that the Dubai Sugar Conference is an excellent platform for everyone within the sugar value chain to exchange of ideas, forge new business ties and come up with the best solutions for the sugar industry.