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Prime Minister Moustafa Madbouli

Update 1: Egyptian gov’t, Carbon Holding sign $10.9b contract Saturday

Fri, June 29, 2018 19:05

CAIRO, June 29, 2018 - Egypt's Prime Minister Moustafa Madbouli is scheduled on Saturday to attend the signing ceremony of a contract with the local firm Carbon Holdings to build the massive Tahrir petrochemical plant in the Suez Canal Economic Zone.

The $10.9 billion complex, which would be the largest in the Middle East, is expected to create 48,000 jobs, the government said in a statement carried by the official Middle East News Agency (MENA) said.

Carbon Holdings CEO Basil El-Baz said it would take more than three years to build, according to the statement.

The government says the 460-square-km economic zone around the Suez Canal will be used to develop an international industrial and logistics hub to attract foreign investment.

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