Egypt can serve as base for GCC car manufacturing investments: Ezz Steel CEO

Ahmed Ezz Founder & CEO of Ezz Steel Co.

Ahmed Ezz, CEO and Founder of Egypt-based Ezz Co., said that Saudi Arabia and Egypt are the largest iron and steel producers in the Arab world and are going through major economic changes. He underlined the importance of aligning iron consumption with economic growth in light of the mega investments and projects in both countries.

He also affirmed that Egypt can serve as an “industrial base” for GCC investments in the car manufacturing sector, leveraging the GCC iron.

Many Arab countries have solid capacities in the iron and steel sector, topped by Saudi Arabia and Egypt, as well as the UAE, Qatar and Algeria. Therefore, the deployment of these capacities in the development of iron-based Arab industries is necessary, Ezz added during the Saudi International Iron & Steel Conference (SIIS) in Riyadh.

Elsewhere, Ezz elaborated that the infrastructure alone is insufficient for sustainability of long-term investments in the iron sector. Global iron consumption doubled, for instance, consumption per capita in China is two times consumption in Arab countries, he noted, stressing the importance of maximizing Arab industries instead of importing.

Egypt and Saudi Arabia invest in future industries in NEOM, energy, hydrogen and clean energy, he concluded.