Five-hundred Egyptian factories close as a result of increased Mazut prices | Égypt-actus | Scoop.it

A total of 500 Egyptian brick factories have closed throughout the country, putting an estimated 10,000 employees out of business.

Adel Al-Ganidi, factory owner and member of the Egyptian Brick Factory Owners’ Organisation, said that a number of owners decided to cease operations until a recent decision to increase the price of mazut and natural gas was rescinded.

He accused the government of not working fast enough to address the problems of factory owners, saying that in the end it is the 10,000 workers who are dependent upon their jobs who will end up suffering. He added that factory owners would suffer huge losses as a result of these closures, adding however that they would not reopen their facilities until the decision to increase mazut prices was overturned.

In the 6th of October City, a number of real estate investors have complained about the rise in the price of bricks, with prices increasing from EGP 180 to EGP 380 per thousand bricks. This, he said, has caused a construction crisis, with a number of large and small scale projects having temporarily ceased operations, especially in newly-utilised expansion regions. A number of investors stated that the move was not well thought-out and requested that it be rescinded. (Daily news Egypt)

 

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