Egypt:Suez Cement denies it plans to exist Egyptian market

Byszheng

Updated Wed, 09 Mar 2016 09:46:10 GMT

Suez Cement has denied that it is planning to leave the Egyptian market. The announcement comes in response to media speculation following the cement producer’s admission that it has been unable to repatriate profits of Euro50m from the country for about a year. Suez Cement is 55% owned by Italian cement producer Italcementi.

Suez Cement’s Managing Director Bruno Carre blamed the problem on a foreign currency crisis in Egypt. The country’s central bank has introduced measures to reduce non-essential imports to save hard currency. Subsequently, businesses are unable to access US Dollars for imports and goods are piling up at ports.