French cement manufacturer Vicat Group has announced plans to invest up to EUR 50 mn in its Egyptian subsidiary Sinai Cement Company, Invest-Gate reports.

The company will inject new direct investments in the Egyptian market to meet needs of the local and regional market, Tamer Magdy, CEO of Vicat Egypt, a subsidiary of France’s Vicat, said during the company’s 15th-anniversary celebrations, held on January 12 at the French Embassy in Egypt.

For his part, Guy Sidos, chairman and CEO of Vicat Group, noted that the company is proud of its presence and success in the Egyptian market for the past 15 years, stressing the group’s great confidence in the Egyptian economic reform.

Sidos further added that the Egyptian economic system is making steady and good steps on the right track, thanks to a package of policies and decisions taken by the Egyptian government, in addition to some legislation passed by parliament, aiming to enhance and improve Egypt’s investment climate.

In 2003, Vicat Group managed to acquire 40% of Sinai Cement Company, which is located near El Arish, Sinai Peninsula.

“Every passing day we were confident of the return of calm and stability to Sinai again,” the French group’s CEO stated on the sidelines of the company’s celebration, stressing its commitment to continue investing in Egypt – even in the most difficult circumstances.

The company’s 15th anniversary ceremony was attended by the Minister of Trade and Industry Amr Nassar, a number of ambassadors from African and European countries to Egypt, several members of the Egyptian Parliament, headed by MP Soliman Wahdan, deputy head of the parliament, alongside some major international companies operating in Egypt in various fields.