CAIRO: Between 10-15 industrial zones will be built at a cost of $500 million- 700 million on 3 million square meters, and provide about 45,000 job opportunities according to a new deal signed by the government.
The deal was signed Sunday, during the last day of Egypt’s Economic Development Conference (EEDC,) Youm7 reported. The agreement included the Saudi CPC Products Holding Company along with Ayaady for investment and development. It was supervised by Prime Minister Ibrahim Mahlab and planning minister Ashraf Al-Araby.
The project’s first phase procedures will be starting shortly after signing the contracts, Mahlab stated.
CPC vice president Moataz Al-Sawaf said that this new investment is a “strategic step” towards the company’s plans to expanding in Egypt. He explained that there is need in the market for industrial zones ready to be used by small local investors and businesses, that are waiting for such a chance.
The Saudi company is currently working in several Arabian countries; it owns 8 industrial zones in Egypt, UAE and Syria, along with other 50 factory.
It participated in the EEDC along with the recently-established Ayaady Company 2015, with a capital of 1 billion EGP.
EEDC ended its events Sunday night with a concert to the well-known Egyptian singer Mohamed Mounier; shortly after Mahlab final remarks regarding the summit. President Abd Al-Fatah el-Sisi gave his closing speech Sunday noon thanking number of the participating countries and companies announcing that the summit will be organized annually.
At the begging of his speech, Sisi invited young people from the organizing team to the stage thanking them for their efforts; as they used the situation for their benefit taking the first “selfies” photos with him.