$650 million in Saudi investments in Alexandria

The Saudi Jihan holding group finished the procedures for establishing the Egyptian - Saudi Company for petrochemicals (Sibco), aiming at establishing the largest industrial assembly for producing polyester in Middle East.

The total expected investment in the new project reaches nearly $650 million, and the production is expected to start in middle of 2002.

The project will be established in Alexandria, Egypt on 630,000 square meters.

A statement issued by the Saudi company said the new industrial assembly will support the Egyptian textiles industry through producing 300,000 tons annually, expecting that the new company will achieve sales that reach $450 million annually, and the company will export 30% of its total production abroad.