Reuters quoted Egyptian group El Sewedy Electric as saying that that the strife in Libya had forced it to postpone USD 65 million cable manufacturing plant it planned to build in Tripoli.

Sewedy, the Arab world's biggest listed producer of cables used in power transmission and telecoms was negotiating to buy land for the project when the protests began. The plant had been due to come on stream by the end of 2011 or beginning of 2012 but is now postponed indefinitely. The popular uprising to end Libyan Leader Muammar Gaddafi's 40 year rule has entered its 10th day.

Mr Ahmed Homossani Sewedy's investor relations director said that "We postponed our plans in Libya due to lack of security in the country. We were lucky because we have not started any significant operations there yet.”

The firm has plants in countries from Egypt to Ethiopia, Nigeria, Saudi Arabia, Algeria and Zambia. It exports to the Middle East and north Africa, Spain, Portugal, eastern Europe and Brazil with African countries taking 30% of its exports.

(Sourced from Reuters)