Egypt: Qalaa Holdings launches herb drying plant, glass wool pipe production line
Egypt - Qalaa Holdings inaugurated a herb drying factory at Dina Farms, with EGP 400 million in investment for the first phase, according to an emailed press release.
The EGX-listed firm also launched a glass wool pipe insulation production line at GlassRock Insulation Company, with an investment of EGP 27 million.
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel El-Wazir attended the inauguration with Qalaa Holdings' Chairman and Founder Ahmed Heikal and Qalaa Holdings' Co-Chief Operating Officer and Managing Director Amir Naguib.
Heikal noted that these investments align with Qalaa Holdings' strategy to support energy and food security while boosting economic development.
He added that the group focuses on developing local manufacturing capabilities and promoting high-value-added in line with Egypt Vision 2030.
The company's export revenues amounted to $47.7 million in the first nine months of 2024, while the sales in foreign currency hit nearly $2.3 billion.
Meanwhile, Qalaa Holdings aims to increase its foreign cash flows in the coming years.
Heikal expected that the value of exports of insulation and herbal products would reach about $40 million.
The herb drying facility is a fully integrated export-oriented factory that seeks to meet the growing demand for high-quality dried herbs in international markets.
The expected export value of the new plant's products stands at approximately $20 million, which is expected to double in the next few years.
On his part, Naguib said GlassRock's business has witnessed significant developments since its establishment 12 years ago with an investment of $70 million.
He added that it is the only Egypt-based company that produces glass wool and exports its products to more than 45 countries worldwide. He indicated that the company's products contribute to reducing energy consumption by 40%.
GlassRock has invested EGP 27 million in expanding its production line for glass wool pipe insulation, which contributes to saving $6 million from the state's annual budget.
Naguib affirmed that the newly launched line backed GlassRock's product portfolio to meet the growing demands and save further $12 million annually by providing high-quality glass wool products to the local market.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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