Fez to Invest $ 300 Mln in Egypt

Saudi Fez plans to launch factories in Egypt, for waste recycling and energy production with an investment worth $ 300 million.

Sabri Asfour, the CEO of Fez, reported that the stations to be launched will be implemented in five phases, the 1st phase will cost $ 60 million.

Also, he explained that Fez has strategic partnerships with institutions and experts over 25 years of experience in waste recycling and energy production.

The company is seeking to implement the first 20 megawatt; the production capacity of the projects will be sold to the Egyptian Electricity Transmission Company.

Fez signed a Memorandum of Understanding (MoU) with the Urban Communities Authority for construction of a waste-to-power plant in 10th of Ramadan city.

Fez's bases are found in new cities east of Cairo including New Cairo, El-Shorouq, Badr and El- Aabour.

The project aims to dispose organic waste and its utilization in the energy production, in line with the comprehensive development process in new cities.