Egyptalum has plotted to outsource 65 per cent of its restoration cost, valued at US$200 million, from Saudi Arabia’s Public Investment Fund (PIF). Out of the total US$300 million, the above initial investment will help the factory to stand on its own feet, producing gladly for the upcoming 20 years.

Arabia’s PIF previously had a plan to invest in Eqyptalum as a strategic investor contributing vehemently to increasing the company’s capital. With this new investment, the Egyptian aluminium head will enhance its current production capacity by accumulating 320,000 tonnes annually.

The head of the Metallurgical Industries Holding Company, Mohamed El-Saadawi, exclaimed that one of the Arab sovereign funds has vouched for contribution to heighten the capital of Egyptalum.

In order to keep a similar production capacity and to financially support development operations, an estimated US$300 million has been allotted for the entire retribution programme. Mohamed El-Saadawi confirmed that the primary percentage of investment (US$200 million) would be deducted from the total amount.

Egyptalum has a shared ownership structure, with the Metallurgical Industries Holding Company owning almost 89.83 per cent of the firm and Nasr Mining Company, a subsidiary of the holdings, flaunts 2.20 per cent of the company’s capital shares.

Just the previous month, the Saudi Egyptian Industrial Investment Company under the PIF had jointly purchased US$1.3 billion minority stakes in Abu Qir Fertilisers, Alexandria Container, Misr Fertilizer Production Company (MOPCO) and Cargo Handling Company.