Cairo – Mubasher: Canal Sugar Co, a subsidiary of UAE-based Al Ghurair Group, has signed two main agreements worth $1 billion with the Egyptian government, represented in the General Authority for Reconstruction Projects and Agricultural Development.
The first deal includes setting up an integrated investment project with $550 million in investment, on which the group will lease and reclaim 181.1 acres of desert land in Minya governorate, Canal Sugar Co said in a statement.
The second agreement covers the construction of a plant to produce a high-quality sugar from beets, the company added.
This project will contribute to limit sugar deficit in Egypt by 75% with a production of about 750,000 tonnes per year, the company indicated.
The Emirati company highlighted that this is the first integrated industrial-agricultural project in the field of sugar in Egypt, which will help to secure 50% of factories’ need of beets, as well as reclaiming 1.5 million acres.
Industrial and agricultural products produced through this project, including exports, will amount to up to $100 million per year of secondary products.