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Qalaa Showcases Egyptian Refining Company at Davos

Qalaa Holdings was represented in Davos by Chairman and Founder Ahmed Heikal, Co-Founder and Managing Director Hisham El-Khazindar and Chief Marketing & Sustainability Officer Ghada Hammouda who joined heads of state and global CEOs at the 2019 World Economic Forum

Qalaa Holdings (CCAP.CA on the Egyptian Exchange) showcased the Egyptian Refining Company (ERC), the firm’s flagship US$ 4.3 billion greenfield refinery, as an example of a successful public-private mega-project at the 49th Annual World Economic Forum (WEF) in Davos, Switzerland. The gathering of global leaders was held under the theme “Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution.”

Qalaa Holdings Chairman and Founder Ahmed Heikal penned an op-ed detailing the benefits of the public-private mega-project on the official WEF Blog entitled “3 benefits of public-private mega-projects that most people ignore.” Read the full op-ed here: https://www.weforum.org/agenda/2019/01/egypts-largest-ever-infrastructure-project-is-nearly-complete/

“Our landmark US$ 4.3 billion ERC project in Greater Cairo is a clear example of a successful private-public partnership that has had to weather numerous economic and political shifts before coming to life. When commercial operations commence later this year, ERC will not only tackle some of Egypt’s most critical economic challenges such as energy security, it will also provide benefits that extend through the full lifecycle of the project and beyond. For me, these are innovation, sustainability, and inspiration,” said Heikal.

In its 14 years of investing responsibly in African energy and infrastructure, Qalaa focused on leading by example and growing with impact. It aligned its investments and sustainability strategy with national, regional and global priorities including Egypt’s 2030 Vision and the UN’s Sustainable Development Goals.

“To date, we have built and invested in over 50 businesses that created more than 40,000 job opportunities,” said Co-Founder and Managing Director Hisham El-Khazindar, who was selected as a Young Global Leader by the World Economic Forum in 2013. “We have achieved major milestones in environmental preservation by reducing our footprint while producing clean renewable solar energy and reducing emissions. On the social front, we focus on human capital development, with over 32,000 beneficiaries to date from our educational and vocational training programs including women and youth,” added El-Khazindar.

Commenting on the importance of investing responsibly and developing partnerships in Africa to usher in the Fourth Industrial Revolution, Chief Marketing & Sustainability Officer Ghada Hammouda said, “Sustainable development can only be achieved on a large scale when all actors in society – private sector companies, civil society organizations, and the government – communicate and collaborate in pursuit of common goals and through win-win engagements. Qalaa Holdings has a network of strong partnerships across all our investments and social programs.”

Qalaa also participated in a high-level discussion at Davos on “Shaping Africa’s Agenda in the Global Context” in which Egypt’s Prime Minister Dr. Mostafa Madbouly gave remarks on geostrategic partnerships to ensure inclusive growth and sustainable development. Egypt’s Minister of Investment Dr. Sahar Nasr and Minister of Trade and Industry Amr Nassar were special guests at the session, which included officials and African heads of state such as the Presidents of Uganda and Rwanda.


Qalaa Holdings (CCAP.CA on the Egyptian Stock Exchange) is an African leader in energy and infrastructure. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in industries including Energy, Cement, Agrifoods, Transportation & Logistics, and Mining. To learn more, please visit qalaaholdings.com.

Forward-Looking Statements
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Qalaa Holdings. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Qalaa Holdings is subject to risks and uncertainties.

For more information, please contact:
Ms. Ghada Hammouda
Chief Marketing and Sustainability Officer
Qalaa Holdings (S.A.E.)


Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002
Twitter: @qalaaholdings