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ITDA offers lands on usufruct basis for commercial, investment projects - Daily News Egypt

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ITDA offers lands on usufruct basis for commercial, investment projects

Minister of supply says authority to establish commercial and shopping city near Suez Canal development with EGP 40bn in investments


Minister of Supply Khaled Hanafy
Minister of Supply Khaled Hanafy

The Internal Trade Development Authority (ITDA) will commence offering investors land on an usufruct basis for commercial and logistics projects, Minister of Supply and Internal Trade Khaled Hanafy said Monday.

Hanafy added that the ITDA will also establish a commercial and shopping city, which President Abdel Fattah Al-Sisi has approved, near the Suez Canal development area. The city will cover an area of 4.2m square metre, with EGP 40bn in investments.

The minister said the city, which will create approximately 500,000 job opportunities, will include international retail stores, a residential area, marina, spa and an investment area, said a ministerial statement.

In October, the government adopted a project to establish a global logistics centre in Damietta for the handling and storage of grain and food commodities. Mehleb said at that time it was a national project that is no less important than the Suez Canal project.

The project will increase the capacity of annual marine trading of grains and food commodities in Damietta port from the current 7m-8m tonnes to 40m tonnes. Of this, 12m tonnes will be re-exported locally, Hanafy said, adding that the total amount of trade expected for the multimedia transportation systems for the project is around 65m tonnes per year.

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