Egyptian cement firms eye Zimbabwe market

GOVERNMENT says three Egyptian cement companies have shown interest in investing in the local cement manufacturing industry, amid acute shortages of the product in the market.

News of these new potential cement manufacturers comes as the government has, in the past, fumbled the process when Africa’s richest man, Aliko Dangote, expressed interest in investing a reported US$1,2 billion in industrial plants, including one for cement manufacturing.

The failure to attract Dangote, through his Nigerian conglomerate Dangote Group into Zimbabwe, was blamed on the indigenisation law. There were also alleged demands of bribes. However, Dangote still has four companies in Zimbabwe that are inactive. These are the investment holding company, Dangote Zimbabwe Holdings (Private) Limited that controls Dangote Cement Zimbabwe (Private) Limited, Dangote Energy Zimbabwe (Private) Limited and Dangote Mining Zimbabwe (Private) Limited.

“We’ve got Egyptians, who are coming here to invest to make sure that they produce fertilizer,” Industry and Commerce deputy minister Roy Bhila said at the recent Entrepreneurs Networking Dinner hosted by Financial Fitness Health Centre in Harare.