Egypt's Holding Co. for Maritime & Land Transport (HCMLT) on Wednesday signed a memorandum of understanding (MoU) with El Wehda Industrial Development Company to build a vessel scraping and recycling facility in Damietta Port, the Cabinet reported. The facility, the first of its kind in Egypt, spans an area of 155,000 square metres. The project includes the construction of a 1.5-kilometre sea barrier to combat silting. In an effort to reduce reliance on foreign imports, a state-of-the-art facility is being planned to produce 1.5 million tons of scrap annually. This substantial output represents approximately 66 per cent of the scrap required for local steel rebar production. The facility aims to bolster domestic steel manufacturing and enhance self-sufficiency in the industry. The scrapping facility is also expected to create about 4,000 direct and indirect job opportunities, according to the statement. Transport Minister Kamal El-Wazir stressed the project's alignment with the President Abdel Fattah al-Sisi's vision for boosting private sector partnerships, the report added. El-Wazir noted the favourable investment environment and incentives to support development projects across sectors, bolstering the national economy. Egypt's steel rebar production capacity sits at around 16 million tons annually. However, steel rebar production reaches only eight million tons due to shortage of scrap in the local market. https://www.facebook.com/EgyptianCabinet/posts/pfbid0BnGMYfTRjYxtc58gbFaxHbctaM3w1inRUWayp6N6SeGouVwBXAzvQpsQeQSZ6GBGl
