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EGYPT

Army tighten grip on New Administrative Capital

The new Egyptian city and future administrative capital has welcomed its first tenants under the watchful eye of the army, keen to capitalise on the vast project run by its Administrative Capital for Urban Development. The army is also just as invested in other sections of Egypt's economy, like energy and media. [...] (363 words)
Issue dated 27/10/2021 Reading time 2 minutes
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International Dealmaking

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EGYPT FRANCE 09/11/2021

HeidelbergCement follows Vicat's lead and challenges Cairo 

The cement sector is a crucial part of President Abdel Fattah al Sisi's future administrative capital mega-project. Dominated by the Egyptian army, the sector has suffered a new setback following German company HeidelbergCement and its French and Italian subsidiaries' decision to register a request for arbitration proceedings with the World Bank's arbitration court, ICSID. [...]
HeidelbergCement Group has been present in the Egyptian market since 2016 when it became a shareholder in Suez Cement.
HeidelbergCement Group has been present in the Egyptian market since 2016 when it became a shareholder in Suez Cement. © heidelbergcement.com
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HeidelbergCement has been on the Egyptian market since 2016 when it bought parts of the local company Suez Cement. © heidelbergcement.com
Africa Intelligence 09/11/2021

Faced with Cairo's military grip on industry, HeidelbergCement files for arbitration 

First Vicat, now HeidelbergCement and its French and Italian subsidiaries have launched arbitral proceedings with the ICSID against the Egyptian state. This new setback for the cement sector, which is dominated by the army despite being open to foreign investors, could affect some of the major construction projects underway, not the least New Cairo City. [...]

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