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Rubex International Company to invest EGP 150M in Egypt during FY 2024/2025

The company already invested approximately $12 million in Egypt since its establishment.

By: Business Today Staff

Mon, May. 27, 2024

Rubex International Plastics Manufacturing Company plans to expand their investments in Egypt further by injecting an additional EGP 150 million during the FY2024/2025, Chairman of the Company's board of directors, Magdy El-Taher said during Prime Minister, Mostafa Madbouly's inspection tour.

The company already invested approximately $12 million in Egypt since its establishment.

El-Taher added the current average sales volume for the company stands at approximately EGP200 million. However, their goal is to boost the sales volume to EGP250 million within FY 2023/2024.

It is noteworthy that Rubex currently exports around 20% of its production through 120 customers spanning across 39 countries.

As part of their plans for the current year, the company aims to increase its export volume to 30% globally.

In addition, the Chairman of the Board of Directors discussed the potential for local production of polyester instead of relying on imports.

In response, Madbouly instructed the Minister of Trade and Industry to engage in discussions regarding this matter, stressing that producing these raw materials locally would save Egypt millions of dollars.

During the tour, prime minister Madbouly praised the quality and diversity of the products, stressing the government’s support for the company’s plans to increase its investments and expand exports, in line with the state’s goals.