Sharm El-Sheikh – Mubasher: Qalaa Holdings, a leading investment company, said on Friday it will showcase its Egyptian Refinery project at above EGP 30 billion ($3.7 billion) worth of investment at Egypt’s economic summit.

The project presentation comes in response for the Egyptian government’s will to showcase mega national projects during the Egypt Economic Development Conference (EEDC) that kicked off in the Red Sea resort of Sharm El-Sheikh on Friday, Qalaa said in a press statement.

Qalaa owns around 20% in Egyptian Refinery Co., while the remaining stakes are held by Egypt’s petroleum authority in addition to a number of national and GCC investors.

The petroleum refinery project reflects Qalaa’s investment strategy for mega projects in industry and infrastructure, said Ahmed Heikal, founder and chairman, Qalaa.

He added that financing for the project has been completed and execution is 50% complete. Actual production is forecasted to start by 2017.