Asec to up production as Gozour expands into Africa.CAIRO: Asec Cement said it will increase its production capacity to 13 million tons per year in 2013, from its current production capacity of 3 million tons per year. Meanwhile, food industry company Gozour is looking to expand into African markets. Both companies are subsidiaries of private equity firm Citadel Capital, which itself plans to invest in 500,000 feddans (210,000 hectares) of farmland in Sudan. The companies gave an overview of their operations Tuesday in a workshop titled "Creating Industry Leaders" at the Euromoney conference. While Citadel Capital presented the success stories from only two of its platform companies, the firm's activities span 19 more, which together account for more than $8.3 billion in investments. Asec said it expects sales to increase to $1.2 billion by 2013, $231 million as production starts in its new plants in Sudan, Algeria and Egypt, Bloomberg reported. Giorgio Bodo, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Asec, said the Middle East and North Africa region is favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. for more cement projects due to the availability of natural resources, lower energy costs and no caps on carbon emissions.Aa Taking advantage of these factors, Asec has registered considerable growth in the past few years, and especially in Egypt, reaching 25 percent in 2009. Bodo said Asec is benefiting the local economy through its diversified activities and by encouraging infrastructure and housing development, two areas that Investment Minister Mahmoud Mohieldin Mahmoud Mohieldin is the Minister of Investment in Egypt. Dr. Mohieldin is the Minister of Investment of the Arab Republic of Egypt since 2004. The Ministry of Investment is responsible for Investment Policy; Management of state-owned assets including privatization and identified as key interests of the Egyptian government. Mohamed El-Rashidi, CEO of Citadel's food industry platform company Gozour, said the company is looking to extend its activities into African markets, which remain untapped and underserved. The company controls leading businesses in food production including the largest private farm in Egypt, Dina Farms, and the leader in halawa and tahina production, Rashidi El-Mizan. By employing the same approach it used to break into Egypt's competitive food market -- guaranteeing the quality of the food and implementing food safety monitoring Safety Monitoring of a clinical trial is conducted by an independent physician with relevant expertise. This is accomplished by review of adverse event, immediately after they occur, with timely follow-up through resolution. and organic production -- it hopes its ventures will be fruitful fruit·ful adj. 1. a. Producing fruit. b. Conducive to productivity; causing to bear in abundance: fruitful soil. 2. . Citadel's success extends beyond these two industries, said Managing Director Ahmed El-Housseiny, adding that the company coped with the financial downturn quite well due to solid capital back-up and revising the structures and staffing of the firm. Speaking to Reuters on the sidelines On the sidelines An investor who decides not to invest due to market uncertainty. on the sidelines Of or relating to investors who, having assessed the market, have decided to avoid committing their funds. of the conference, El-Houssieny said Citadel is investing in 500,000 feddans (210,000 hectares) of farmland in Sudan. He said the firm operating the project was called Sabina, a company set up by Citadel, and said it had the right to farm the land for 99 years. The farmland would mainly be used to grow sugar cane cane, walking stick cane, walking stick. Probably used first as a weapon, it gradually took on the symbolism of strength and power and eventually authority and social prestige. , corn and wheat, he said, which would serve to fill a supply gap within the Sudanese market in addition to catering to export markets. Like most speakers at the Euromoney conference, El-Housseiny was optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the future of the region, predicting that the financial crisis will actually have a positive effect on developing economies by enhancing their global economic role. Bodo concurred, adding that Egypt has provided favorable investment conditions through market reform and the availability of skilled human capital. Egypt, in his opinion, should expect more diversified partnerships with Europe and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. opportunities, which will entail entail, in law, restriction of inheritance to a limited class of descendants for at least several generations. The object of entail is to preserve large estates in land from the disintegration that is caused by equal inheritance by all the heirs and by the ordinary stable rules and regulations in order to maintain investor confidence. Daily NewsEgypt 2009 Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion