Hyundai, Samsung, Technip Energies, and Tecnicas Reunidas compete to construct chemicals complex in the Suez Canal Economic Zone. Image Credit: AP

Cairo: Four international companies have been shortlisted for a $2 billion industrial project in Egypt.

Hyundai Engineering & Construction, Samsung Engineering, Technip Energies, and Tecnicas Reunidas were shortlisted by Anchorage Investments for the second phase of the EPC (engineering, procurement, and construction) tender for the Anchor Benitoite project.

The project comprises a chemicals complex that will be built in the industrial zone of the General Authority for the Suez Canal Economic Zone (SCZONE) in Egypt.

The successful contractor, selected in the final stage of the tender, will be responsible for executing the Front-End Engineering Design (FEED) phase, followed by the full engineering, procurement, construction, commissioning, and launch of operations.

Scheduled to be completed within three years after the FEED phase, the project aims to contribute to Egypt’s GDPand increase its chemical exports and foreign direct investments.

Dr. Ahmed Moharram, Founder and Managing Director of Anchorage Investments, said: “The international companies that qualified for the second phase are world-class contractors who have proven track records and global experience. Our selection reflects how Anchorage Investments is keen to make the Anchor Benitoite project a lighthouse project that meets international standards and delivers for investors who are looking to strengthen their presence in Egypt.”Anchorage Investments develops, implements, and operates industrial projects in the chemicals and blue hydrogen sectors.

“More than 20 international companies with high credit ratings will participate in the Anchor Benitoite project, including reliable foreign financial institutions and commercial banks.”

The project is in line with the Egypt’s plans to promote FDI, which has increased significantly in recent months.

Several Saudi Arabian companies signed agreements in June to invest $7.7 billion in Egypt, with Saudi Arabia expressing its intention to allocate $30 billion of investments in the North African country. Gulf states have pledged more than $22 billion to support the Egyptian economy, including billions in industrial projects.