Corys Investments LLC, the UAE family-owned business located in Dubai, has announced a joint venture (JV) with Georg Fischer (GF) Piping Systems and Egypt Gas to invest in a major production site for plastic pipes to participate in the soaring Egyptian gas and water distribution market
Named Egypt Gas GF Corys Piping Systems SAE, the joint venture will set up a new production facility for plastic pipes and fabricated fittings for the domestic market near Cairo.
Commercial production is planned to start in 2021. The initial JV investment will amount to approximately US$21.78mn in total.
GF Piping Systems is a division of Georg Fischer (GF). Egypt Gas is listed on the Egyptian Stock market and one of the leading companies for natural gas infrastructure in the Middle East. Together with GF, Corys Investments LLC will hold equally a combined stake of 75 per cent in the new JV whilst Egypt Gas will hold 25 per cent.
Egypt is undergoing a major governmental initiative to develop its gas and water infrastructure. In 2018, more than 1.3 million households were connected to the network. According to Egyptian government forecasts, the plan is for a similar number to be connected to the gas distribution network each year.
Mohammed Abdulghaffar Hussain, CEO of Corys Investments Holding LLC, said that with this new strategic joint venture, the company looks forward to continuing partnership and combining technical capabilities to serve its existing and new customers in Egypt.
Andreas Müller, CEO of GF, said that the initiative is in line with the company’s plan to expanding its global footprint to Egypt. GF is set to strengthen its presence and bring the know-how of sustainable solutions for the safe transport of water and gas to the Egyptian market.
