Islam Salem of Canal Sugar looks on after an interview with Reuters in Cairo

INTERNATIONAL –  Canal Sugar, owned by Dubai-based Al Khaleej Sugar Refinery, plans to build a pier and grains terminal in Egypt’s port city of Damietta with $200 million in investments, its CEO said on Tuesday.

The new terminal will have a discharge capacity of 3,000 tonnes of grains per hour, the CEO, Islam Salem, told a news conference.

The company expects to finalise a contract with the government for the pier and terminal by the end of the year, Salem said in response to a Reuters question.

The project will be partially self-financed, while the remaining funds will come from infrastructure financing institutions, he said.

He declined to give the facility’s storage capacity.

The UAE’s Al Khaleej Sugar Refinery is the world’s largest port-based sugar refinery.

Canal Sugar, an Egyptian joint stock company, aims to establish the world’s largest beet sugar plant in western Minya, Egypt, producing 900,000 tonnes a year, at an estimated cost of $1 billion.

In March, Canal Sugar signed a $169 million financing agreement to purchase, construct and operate the west Minya project until a $700 million long-term loan is finalised.

The west Minya project also aims to reclaim about 187,850 acres of desert to produce 2 million tonnes of beet sugar annually, as well as other strategic crops like wheat and corn.

Reuters