Saudi Construction Products Holding Company (CPC) has signed an agreement to build five industrial cities for small businesses in Egypt.
The Jeddah-based company said it has inked a memorandum of understanding (MOU) with the newly-launched Ayadi Company for Development and Investment to build the SME cities at a cost of $500 million.
The agreement comes under the Egyptian government's support towards SMEs in Egypt's private sector, a statement said.
The MOU was signed during the recent Egypt Economic Development Conference in Sharm El Sheikh, by Mu'taz Sawwaf, vice chairman of CPC and Majdi Saleh, chairman of Ayadi.
Sawwaf said: "The company's investment in private SMEs industrial zones is an important step towards the implementation of the company's strategy in this regard aimed at international expansion."
CPC provides construction materials through its industrial parks in Saudi Arabia, Qatar, the UAE, Syria, Egypt.
It also operates more than 50 factories for precast, glass and aluminum, steel, ready mix concrete, electric cables, wood and gypsum works, marble and granite, adhesives, construction equipment rental, finishing, steel structures, transportation, electromechanical, renewable energy, and logistic support for the building industry.
Last year, CPC announced that it had completed a deal to buy Egypt's Sphinx Glass for $180 million.
CPC said that it had acquired 100 percent of shares in Sphinx from Qalaa Holdings. It said it spent $114.2 million on the shares sale with the remainder being used to reduce debts and liabilities.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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