Egyptian Refining Company Completes School Renovation Project that will Benefit 4,000 Students in Mostorod

The Egyptian Refining Company (ERC) completes the refurbishment of a public school located in the Arab El Tawaila area of Mostorod

The Egyptian Refining Company (ERC), Citadel Capital’s US$ 3.7 billion greenfield refinery in the Greater Cairo Area of Mostorod, announced today the completion a comprehensive school refurbishment project that saw it upgrade facilities including school grounds, buildings, classrooms, bathrooms and stairs of the Ahmad Orabi school located in the Arab El Tawaila area of Mostorod. The project, which employed 32 members of the community, also replaced desks and other furniture inside both classrooms and teacher areas.

“This school refurbishment is an example of ERC’s active engagement with the local community which began well ahead of actual work on the project and will continue throughout the engineering and construction phases of the refinery,” said ERC Chairman Abdel Fatah Abu Zeid.

In addition to state-of-the-art environmental management, ERC is committed to providing a decent working environment for the project workforce, generating employment and initiating development projects for neighboring communities such as the upgrading of this school facility.

Financial close on ERC took place in June 2012, which marked the beginning of the project but three years prior to that in 2009 ERC established a Community Development Office to engage with neighboring communities, assess available skills, and understand community needs and concerns. To this end, ERC implemented a community Grievance Mechanism to facilitate communications between the members of the community and ERC.

ERC has already provided vocational training for many members of the neighboring communities. Thus far, training has been provided for 100 pipe fitters, 40 mechanics, 15 electricians and 45 computer technicians. Programs established by ERC in cooperation with the Egyptian Welding Academy and Cairo Oil Company’s (CORC) Welding Training Center in Mostorod have also trained over 420 welders. In order to equip community members with employable skills, ERC is committed to continuing to provide vocational training to the community members.

In the period between financial close and start of construction ERC is carrying out detailed stakeholder mapping and a community needs assessment to be able to design strategic and culturally appropriate socio-economic development projects. ERC sees building its relationship with neighboring communities as a long-term effort that will continue throughout the construction and operational phases.

All future projects undertaken by ERC will be needs based with active participation from members of the community and will include the development and renovation of much needed health care facilities as well as the refurbishment of additional schools in the area.

Ahmad Orabi school was inaugurated on Saturday, 15 September 2012, at an event attended by ERC Chairman Abu Zeid, Gen. Sherif Hassan (Head of El Matariya District Office) as well as representatives of the Ministry of Education and civil society organizations.

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Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm’s 19 OSFs control Platform Companies with investments of US$ 9.0 billion in 15 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.2 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2006-2011, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.

For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications
Citadel Capital (S.A.E.)

g...@qalaaholdings.com

Tel: +20 2 2791-4440
Fax: +20 22 791-4448
Mobile: +20 10 6662-0002