Nasr Automotive Company achieved profits for the first time in decades. Chemical Industries Development Company (CID) and Nasr General Contracting Company (Hassan Allam) also reported strong financial results.
The Ministry revived key assets and reopened dormant
factories. Nasr Automotive Company, Nasr Pharmaceutical Chemicals Company,
Egyptian Company for Carbon Anode Blocks, the Ferrosilicon plant at KIMA
Company, and the historic Continental Hotel project resumed operations. Efforts
also maximized the use of the Cotton Palace building in Alexandria.
Major projects accelerated across different sectors. The
national project to develop the spinning and weaving industry spans seven
governorates. The first phase is completed and operational by the end of 2024.
Final preparations for the second phase are underway, while work continues on
the third phase. Holding Company for Pharmaceuticals upgraded 97 production
lines according to Good Manufacturing Practices (GMP), introduced new products,
and revived discontinued ones. Nasr Automotive Company modernized its passenger
car factory, upgraded the bus factory, expanded production of “Nasr Sky” buses
with 63.5% local content, launched the “Nasr Star” minibus with over 70% local
content, and prepared for electric vehicle production.
Strategic partnerships supported sustainability and
attracted private and foreign investments. Egypt Aluminum partnered with
Norway’s Scatec to build a solar power plant with USD 650 million investment.
Holding Company for Pharmaceuticals partnered with US-based Dawah Pharma to
manufacture and export medicines and nutritional supplements globally. Al Nasr
Mining Company partnered with India’s Wilson to build an industrial complex for
phosphate and fertilizer production. Misr for Artificial Silk Company established
factories to recycle plastic and textile waste with Egyptian and foreign investors.
These initiatives reflect the state’s focus on maximizing assets and achieving
sustainable growth.