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Saudi firm to invest LE 500 m in paper manufacturing project in Egypt

A Saudi company will inject LE 500 million investments into the first stage of a project for manufacturing paper products in Egypt, the chairman of Egypt's Industrial Development Authority (IDA) said on Wednesday.

The project includes three production lines, including a line for cement paper sacks, Ahmed Abdel-Razeq said.

The Saudi company called for allocating 200,000 meters in the industrial zone in Alexandria's Borg El-Arab for th eproject, he said.

The first line will start production within a year and half of allocating the land, he said. 

Abdel-Razeq is currently visiting Riyadh to attend the 16th session of the Egyptian-Saudi ministerial committee.

Abdel Razeq noted that he met with Chairman of the Saudi Industrial Property "MODON" Authority Qusay  Abdul-Karim.

The two sides agreed on signing a cooperation protocol to exchange expertise and data on industrial activities in both countries to help investors get all needed information.     

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