Egypt-based Arabian Cement Company plans to implement three upgrade projects with investments worth more than EGP130 million ($7.18 million) during the current year, said a report.

The projects will reduce the cost and increase the efficiency of the production process, allowing the company to provide their products at relatively low prices in order to hedge against the inflationary pressures facing the market, Sergio Alcantarilla, CEO of the Arabian Cement Company, was quoted as saying in a Daily News Egypt report.

The projects include the construction of a mechanical crane to feed the furnace of the first line instead of the airlift—as it consumes a lot of electrical energy—as well as the establishment of a system to feed the cement mills by dust in small proportions that do not affect the specifications of cement and the establishment of a new coal mill. The total cost will be €7 million ($7.69 million).

Alcantarilla added that the current prices of cement in the Egyptian market after the flotation of the pound are still very low; therefore, the Egyptian cement products have a strong competitive advantage in export, but they need to overcome the bureaucracy problem.

He further noted that the flotation of the pound was the only option after the changes that happened to the economy and the exchange market.

Alcantarilla stated that that the Egyptian economy is on the right track, despite its impact on inflation and the purchasing power of consumers but that it requires more clarity of vision, the elimination of bureaucracy, and the confidence of foreign investors.