Saudi's CPC inks deal to build 5 Egypt SME cities

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Saudi’s CPC inks deal to build 5 Egypt SME cities

Saudi Construction Products Holding Company (CPC) has signed an agreement to build five industrial cities for small businesses in Egypt.

The Jeddah-based company said it has inked a memorandum of understanding (MOU) with the newly-launched Ayadi Company for Development and Investment to build the SME cities at a cost of $500 million.

The agreement comes under the Egyptian government’s support towards SMEs in Egypt’s private sector, a statement said.

The MOU was signed during the recent Egypt Economic Development Conference in Sharm El Sheikh, by Mu’taz Sawwaf, vice chairman of CPC and Majdi Saleh, chairman of Ayadi

Sawwaf said: “The company’s investment in private SMEs industrial zones is an important step towards the implementation of the company’s strategy in this regard aimed at international expansion.”

CPC provides construction materials through its industrial parks in Saudi Arabia, Qatar, the UAE, Syria, Egypt.

It also operates more than 50 factories for precast, glass and aluminum, steel, ready mix concrete, electric cables, wood and gypsum works, marble and granite, adhesives, construction equipment rental, finishing, steel structures, transportation, electromechanical, renewable energy, and logistic support for the building industry.

Last year, CPC announced that it had completed a deal to buy Egypt’s Sphinx Glass for $180 million.

CPC said that it had acquired 100 percent of shares in Sphinx from Qalaa Holdings. It said it spent $114.2 million on the shares sale with the remainder being used to reduce debts and liabilities.

Source: Arabian Business

Link: http://tinyurl.com/qhtop8l

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.