Arab Finance: Elsewedy Industrial Development, a subsidiary of Elsewedy Electric, has signed a land allocation contract with Futurefert Egypt, a subsidiary of UAE-based Sharkia Holding Limited, to establish a green fertilizer plant in Sokhna Industrial Zone’s Sokhna 360 project, as per an emailed press release.
The project is set to be executed on a 127,000-square-meter area, with expected investments of $50 million for the first and second phases.
The plant aims to produce 300,000 tons of green fertilizers in the first phase through employing the latest manufacturing technologies, which reduce 90% of emissions, in addition to recycling industrial waste.
Moreover, the project targets providing 500 new job opportunities.