Egypt's Orascom Construction Industries (OCI) will spend $800 million over three years to build a phosphate-based fertiliser plant, the firm's chief executive said.

Orascom would build the plant in one of five countries in the Middle East, including Tunisia, Jordan, Egypt, and Morocco, Nassef Sawiris told reporters at the World Economic Forum.

'We will launch the project before the end of the year,' Sawiris said. 'We have already had some encouraging discussions in Morocco ... May the best site win.'    

He said the plant would start production after three years.

'It complements our global business,' Sawiris said.

 Phosphate-based fertilisers comprise about 30 percent of global farming fertiliser needs, he added.

'Generally speaking, (fertilisers) are a lucrative business,' said Tarek Shahin, analyst at Beltone Financial in Cairo. 'Demand is high, and they make sure they have manageable cost structures.'    

Orascom Construction has said it would focus on fertilisers after agreeing to sell its cement unit to French company Lafarge for 8.8 billion euros ($13.73 billion) last year. - Reuters