According to the local media reports, investors in Qatar and Egypt are planning to invest $100 million to build a steel plant in Qena, Egypt, establishing a joint venture within the scope of their alliance.
The Egyptian side of the alliance, who will hold a 51 percent share in the joint venture, is expected to provide the land and construction works, while the Qatari side, holding a 49 percent share, will finance the production lines, to be procured from Italian plantmaker Danieli, and also the raw materials. The parties are expected to apply for a license to produce rebar in the first half of 2025 and to start production in early 2026.
The investors intend to focus mainly on exports, with 80 percent of the joint venture’s total production to be allocated for sale to Arabian, Gulf and African countries, as well as to Turkey, while the remaining share is to be sold in the Egyptian domestic market.