Algeria Violence Won't Deter Citadel from Project: Heikal

Citadel Capital SAE (CCAP), Egypt’s biggest publicly traded private-equity firm, won’t back out of a project to build a cement plant in Algeria after foreign hostages were killed at a gas plant, Chairman Ahmed Heikal said.

“On the contrary,” Heikal said, when asked about delaying or canceling the project, in an interview in Davos, Switzerland, where he was attending the World Economic Forum. “Once we get the final approvals from the Algerian government, we will move ahead.”

Companies are reviewing security measures and projects in west and northern Africa after at least 38 foreign workers were killed following their kidnap by Islamist militants. BP Plc (BP/), Statoil ASA (STL) and Algeria’s Sonatrach had employees working at the plant.

Citadel’s unit plans to start building the plant with Algeria’s government-owned Zahana Cement Co. by the end of the year, Heikal said earlier this month.

To contact the reporter on this story: Andres R. Martinez in Davos, Switzerland at amartinez28@bloomberg.net

To contact the editor responsible for this story: Alaa Shahine at asalha@bloomberg.net