Latest news with #QalaaHoldings
Daily News Egypt
10-03-2025
- Business
- Daily News Egypt
Egypt reassesses National Food Safety Authority's export testing fees
Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, chaired the 19th meeting of the ministerial group for industrial development, where key economic and industrial issues were discussed. The meeting reviewed the status of the Al-Harsh area in Al-Bayadiya village, Qantara West, currently under the jurisdiction of the General Authority for Reconstruction and Agricultural Development Projects. The area houses 16 unplanned factories interspersed with residential units and scattered agricultural lands. To address this, a joint committee—comprising the Industrial Development Authority (IDA) and the General Authority for Reconstruction and Agricultural Development Projects—was formed to redesign the area, legalize the status of existing factories, and initiate procedures for issuing a presidential decree to transfer jurisdiction to the IDA, officially converting the land from agricultural to industrial use. Additionally, the meeting addressed requests from Qalaa Holdings regarding the allocation of 15,000 feddans of suitable agricultural land for expansion in agricultural and agri-industrial activities, particularly for herbs and aromatic plants. The company was granted permission to inspect available lands in the Sahil Baraka area, managed by the Egyptian Countryside Development Company, and the Abu Zaabal region, under the Ministry of Military Production. Furthermore, the Mineral Resources Authority was tasked with reviewing the company's requests for access to mines and quarries for essential raw materials such as talc and kaolin. Qalaa Holdings was directed to submit a detailed memorandum to the Ministry of Petroleum and Mineral Resources for further coordination with the Minister of Petroleum. The meeting also reviewed a complaint from Gold Sky for Plastic regarding the high fees imposed by the National Food Safety Authority for export-related cup analysis. Previously, the Ministry of Health had charged lower fees for the same analysis. In response, Al-Wazir directed that a meeting be held between the company, the National Food Safety Authority, and the IDA to discuss the fee structure and its duration, aiming to alleviate the financial burden on exporters. In addition, the Ministry of Finance presented its efforts to enhance governance and transparency through the electronic invoicing system, requiring institutional expense approvals to be linked to electronic invoices for purchased goods and services. The minister instructed the Finance Ministry to compile a comprehensive report with specific recommendations to combat tax evasion. Simultaneously, the Ministry of Investment and Foreign Trade was tasked with preparing a report on smuggling and the influx of certain imported goods into Egyptian markets, both of which will be submitted to the Prime Minister for further review. The meeting also addressed concerns from industrial investors in the first and second industrial zones in Ismailia regarding insufficient electricity capacity, which has resulted in frequent power outages in factories due to increased demand. Despite efforts by the Ministry of Electricity to expand the region's power supply, issues persist. To resolve this, the minister called for coordination between the Canal Company for Electricity Distribution and the Ismailia Governorate to study the feasibility of establishing a new power station to meet the area's growing electricity needs.
Zawya
25-02-2025
- Business
- Zawya
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. (
