JEDDAH, 23 July — Ground breaking began for a major Saudi-Egyptian polyester factory, the largest of its kind in the Middle East, in the Egyptian city of Alexandria yesterday. The project involving investments worth SR7.5 billion ($2 billion) will produce 300,000 tons of polyester annually.
Ahmad Badeeb, chairman of Saudi-Egyptian Petrochemical Company, said a number of prominent businessmen in both countries had invested in the project. “Funds from Germany and the Egyptian Petroleum Corporation were also involved,” he added. The plant will be commissioned in 2003.
The factory will produce butyl tertiary ether and other products. About 70 percent of the output will be exported while the rest will be marketed in Egypt.
Mohsen Bahauddin, Egyptian consul general in Jeddah, told Arab News that the project reflected the strong economic cooperation between the two Arab countries. He said trade exchange between Egypt and Saudi Arabia reached $1.125 billion last year with Egyptian exports totaling $900 million. — Galal Fakkar
