“Foras International Investment Company” – financial arm of development projects of Dallah AlBaraka and Saudi Bin Laden Group – approved of financing the construction of 8 industrial projects in Egypt of an investment cost that exceeds $ 391.6 million; the projects will cover a number of areas, especially paper industry.
The list of approved projects to be financed by the company includes the establishment of paper factory in Upper Egypt with investments of 200 million dollar, and a factory for producing surgical and industrial threads in the industrial zone of Nasr City, with investments of 125 million dollar.
The company also agreed on financing the establishment of E-marketing project to be based in Cairo, with a total investment of 25 million dollar, and it will also finance the expansion of the United for Medical Industries of 10 million dollar.
“Amwal Al Ghad” has received a copy of the agreement statement, which stated that the company accepted to finance the establishment of a touristic resort in Kafr El Dawar with investment cost of 7.5 million dollar, as well as the establishment of educational complex with total investment of 7.1 million dollar, and it also agreed to finance a stationary factory of 5.2 million dollar.
The company also agreed to finance the construction of a commercial company to market shoes and leather products and garments, with a cost of 5 million dollar.
The company’s approval letter of the Egyptian projects, indicated that the company has delayed the payment of the needed funds to begin the establishment of these projects until the end of the presidential elections in June next, as it is expected to contribute in reaching a state of stability that supports the establishment of these projects away from the risks related to the riots.
