Egyptian aluminium extruder Delemar Aluminium said this week that it plans on doubling its investment in the domestic market over the next five years and doubling to 40 percent its exports in 2022.
Delemar’s CEO Mahmoud Haroun said it is also weighing an initial public offering next year in the Egyptian Exchange (EGX) in addition to possibly doubling the size of its current factory.
Delemar will begin construction on the EGP750 million (USD41.16 million) plant for processed glass later this year. It also plans to build a second factory in the Sixth of October Industrial Zone that will be capable of a yearly output of 6.5 million square feet.
“Egypt remains as one of the best markets in the Middle East due to the mega projects that are being built in the country and the economic and political stability it possesses,” Haroun said in a statement. “Furthermore, the government extends incentives for investors in the industrial sector that targets to stimulate the sector’s production, which reflects the interest the state attaches to improving it.”
Formed in 2008, Delemar celebrates a decade of production this year. The firm operates half a dozen aluminium profile plants in Egypt. The joint stock company S.A.E. has capital of EGP100 million and a yearly production capacity of 20 thousand metric tons.
Egypt has been a hotbed of activity for aluminium and other non-ferrous exports in the past few years, with total exports rising by 44 percent on the year to US$635 million.