Cairo - Mubasher: Egypt Aluminum has signed a memorandum of understanding (MOU) with Aluminium Bahrain (Alba) for a joint investment project estimated at $3 billion.

The collaboration aims to set up an alumina refinery in Egypt, which is the primary raw material for aluminum production, according to a bourse disclosure.

The project aligns with Egypt's strategy to boost integrated industrial development and promote localization, as well as the company’s ambitious technical rehabilitation plan.

During the fiscal year (FY) 2024/2025, Egypt Aluminum logged a 9% rise in net profits after tax to EGP 10.18 billion, versus EGP 9.32 billion.