ASEC signs agreement as prelude to boosting investment in North Africa
Ahmed Hikal, head of Citadel Capital - YOUM7/Sami Waheeb

CAIRO: In a step toward expanding its investments in the southeastern African desert, the Arab Swiss Engineering Company (ASEC) has signed an agreement to manage and operate the Mozambique company Cimento Nacional, ASEC executive manager Khaled Al Sebaee said in press statements on Monday.

The company views its agreement with Mozambique as a prelude to boosting its investment in the North African region, he added.

ASEC is considered one of Citadel Capital’s pioneer companies for investment in the Middle East and North Africa region, with investments in fields including cement, engineering, food, energy and construction.

Citadel Capital is one of the leading registered companies in the Egyptian Exchange (EGX), and is scheduled to set up new energy company in Egypt in the upcoming period, The Cairo Post reported in April.

The new energy project comes in the framework of Citadel Capital’s new strategy to focus its investments in sectors including energy, mining and construction in Egyptian, East Asian and North African markets, according to the press statements.

Citadel Capital’s investments in the Middle East and North African regions amount to $9.5 billion in the energy, transportation, mining, cement and food industries, according to the press statement.

In Egypt, the ASEC operates 10 cement factories, which represents about 25 percent of the production capacity of cement in the Egyptian market.

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