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News


(2014-12-23) Egypts Rubex Plastics intends to build industrial complex in Greece
Egypt's plastic maker Rubex Plastic (RUBX) is about to buy a 70,000 m plot of land in Greece, its chairman Magdy el-Taher said, adding that a number of offices that specialize in negotiations is in talks to buy the plot of land for the industrial complex. El-Taher told AlMal the move towards Greece came after facing hurdles that prevented the Rubex from obtaining the 50,000 m plot of land in Borg AlArab, despite the Industrial development Authority's (IDA) approval. He said Rubex Plastics signed contracts for equipment, tools and production line worth LE50 million which was paid following the IDA approval. However, the halt led to confusion and stopping investments worth LE120 million, the chairman added. The company ruled out building the complex in Turkey due to the tense atmosphere between Egypt and Turkey, while in Greece the company will take advantage of the low price of land worth $32 per meter, in addition to the support from the European Union to investors working in Greece by bearing 50% of the cost and providing cheap labor.