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EGYPT

Faced with Cairo's military grip on industry, HeidelbergCement files for arbitration

HeidelbergCement has been on the Egyptian market since 2016 when it bought parts of the local company Suez Cement.
HeidelbergCement has been on the Egyptian market since 2016 when it bought parts of the local company Suez Cement. © heidelbergcement.com
First Vicat, now HeidelbergCement and its French and Italian subsidiaries have launched arbitral proceedings with the ICSID against the Egyptian state. This new setback for the cement sector, which is dominated by the army despite being open to foreign investors, could affect some of the major construction projects underway, not the least New Cairo City. [...] (357 words)
Issue dated 09/11/2021 Reading time 2 minutes
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Intelligence Online 09/11/2021

HeidelbergCement follows Vicat's lead and challenges Cairo 

The cement sector is a crucial part of President Abdel Fattah al Sisi's future administrative capital mega-project. Dominated by the Egyptian army, the sector has suffered a new setback following German company HeidelbergCement and its French and Italian subsidiaries' decision to register a request for arbitration proceedings with the World Bank's arbitration court, ICSID. [...]
HeidelbergCement Group has been present in the Egyptian market since 2016 when it became a shareholder in Suez Cement.
HeidelbergCement Group has been present in the Egyptian market since 2016 when it became a shareholder in Suez Cement. © heidelbergcement.com

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