Dubai: The energy industry focussed Anchorage Investments will develop a $2.5 billion industrial complex in the Suez Canal Economic Zone.
The project will produce a range of derivatives and petrochemical products, including olefin and polyolefin, used in everyday applications, ranging from automobiles, durable goods, plastic detergent and milk bottles.
The venture will "improve the economic value of natural gas derivatives," said Anchorage. "The company is looking to expand incrementally to produce other integrative products."
The complex, which will boost Egypt's annual chemical production by 812,000 tonnes, is expected to help increase foreign direct investment by around $790 million and create more than 2,500 new direct and indirect jobs, in addition to the estimated 5,000 jobs during construction.
"Our projects and strategic plans aim to enhance the opportunities for cooperation with Egyptian government institutions," said Ahmad Moharram, founder and Managing Director of Anchorage Investments. "We have received unprecedented support from various government institutions."