Al Ahly Capital Holding, the investment arm of the National Bank of Egypt, successfully completed a $1bn deal with Al Ghurair Group and the UAE’s Murban, to reclaim and cultivate 180,000 feddan in south Minya, in order to establish the world’s largest beet sugar factory. The project is an integrated agricultural and industrial project, which includes the reclamation of 180,000 feddan to cultivate beet, wheat, and maize. The project will also establish the world’s largest beet sugar factory, with a capacity of 1m tonnes per year, significantly contributing to bridging the consumption and production gap, which amounted to 1m tonnes in 2018. According to Al Ghurair, the project will provide 2,500 direct and indirect jobs during the construction period, as well as 1,500 permanent jobs, and 50,000 indirect jobs through contractual agriculture. Al Ahly Capital Holding is the financial advisor to the project.

Source: Daily News Egypt December 12, 2018 16:30 UTC