Egypt Kuwait Holding has decided to set up a fertilizer and petrochemical company with capital of EGP500m ($90.4m), in partnership with other Egyptian and Gulf investors.

Under the arrangement, Egypt Kuwait Holding will hold 32% stake in the company. However, EK Holding declined to give details about the remaining shareholders.

The new company is set to produce 1.5 million tonnes of chemical fertiliser per year and will come onstream in 28 months.