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EGP 5bn expected investment for Abu Zenima industrial zone in Sinai - Daily News Egypt

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EGP 5bn expected investment for Abu Zenima industrial zone in Sinai

Development of region aims to qualify manufacturing industries, says minister


Expected investments for project of the development of Abu Zenima industrial zone in South Sinai governorate will reach about EGP 5bn, according to Khalid Fouda, governor of South Sinai.

Fouda said that the region will contribute significantly to providing new job opportunities for young people, while indirect employment will reach 23,505 new opportunities.

Additionally, Fouda noted, “The Abu Zenima industrial zone development project will create an industrial boom for the whole governorate and will contribute significantly to increase investment opportunities and attract investors’ attention to the resources and advantages of the governorate to maximise the benefit of these resources, which is reflected positively on the national economy.”

During his meeting with the governor and the head of the Industrial Development Authority (IDA), Ahmed Abdel Razek, Minister of Trade and Industry Amr Nassar pointed out that the Abu Zenima industrial zone project is one of the most promising projects where the region enjoys a distinct location of 4,000 feddans and is rich in quarry, mining, and petrochemical raw materials. The region can also benefit from new and renewable energy production, whether wind or solar energy.

Nassar noted that the development of the region aims to qualify the manufacturing industries by increasing added value of these stone and metal materials to intervene in the manufacture of high-value products, including marble, glass, granite, cement, gypsum, ceramics, bricks, steel, and manganese.

During the meeting, they discussed a strategic plan for the region and its future vision, as well as necessary investment demands for its establishment and development.

Nassar said that the meeting also dealt with the industrial and urban planning of the region and providing it with logistics services, including the provision of electric power and gas, besides determining the distribution of land based on the manufacturing industries to be established in the region.

In November, the National Military Production Authority, the IDA, Sinai governorate, and the Chinese Group CGCOC signed a memorandum of understanding (MoU) to develop the industrial zone in Abu Zenima, South Sinai.

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https://www.dailynewsegypt.com/2018/08/15/egp-5bn-expected-investment-for-abu-zenima-industrial-zone-in-sinai/
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