Al-Ahly Capital Holding — the investment arm of the National Bank of Egypt (NBE) — signed a partnership and development agreement with Suez Industrial Development — a subsidiary of Orascom Construction — with the aim of developing an integrated industrial zone west of Cairo on an area of 2.2m sqm in the Abu Rawash area in Giza.
The agreement includes Suez Industrial Development Company acquiring a 25% interest in the owner company, which is Al-Ahly Industrial Development — a subsidiary of Al-Ahly Capital Holding — which will assume the role of the main developer of the project.
Hisham Okasha — President of the NBE and President of Al-Ahly Capital Holding — said that the project to develop this industrial zone comes within the framework of the strategy of Al-Ahly Capital and NBE Group to contribute directly to the localisation of the industry by providing more industrial lands that are adequately equipped, in addition to providing all the services necessary.
He explained that this area enjoys a strategic location in the middle of new industrial and agricultural areas and is one of the industrial areas that is characterised by its proximity to a vital road and transportation network that connects many axes.
Additionally, it will form a leading centre for a wide range of sectors, including logistics, light industries, and small and medium projects.
Okasha pointed out that the presence of Al-Ahly Industrial Development in a vital area greatly serves industrial activities, especially in light of the private developer system that facilitates the availability of infrastructure facilities and investment services, particularly for small and medium industries, allowing them to focus on the production process and provide new job opportunities.
This will contribute to revitalising these projects, speeding up their entry into the market, and contributing to the growth of local production, which will positively affect the national economy.
CEO of Orascom Construction Osama Beshay said that the development of this industrial zone forms part of the company’s strategy, which seeks to engage with investments that provide opportunities to carry out construction activities and continue to achieve a return in the long term, reflecting the successful and fruitful partnership between two leading institutions in the public and private sectors with the aim of increasing new industrial investments in Egypt.
For his part, Karim Saadeh — CEO of Al-Ahly Capital Holding — explained that the company has made great efforts in structuring the project and preparing it in all legal, administrative, and practical aspects to be ready for development as an integrated industrial zone, noting that the project is expected to have a positive impact in terms of creating job opportunities and attracting local and foreign investments in the industrial sectors and support for the small and medium enterprises sector by providing logistical solutions specifically designed for the project.
Amr Al-Batriq — CEO of Suez Industrial Development — added that his company will play the role of the main developer of the project to benefit from its extensive experience, represented in the success of the Ain Sokhna Industrial Zone.
He also indicated the Egypt’s aspiration to increase and attract new industrial investments instead of relying on imports, explaining that the development of a new industrial zone would create new business opportunities and thus create new job opportunities that would increase productivity.
It is worth noting that the office of Baker McKenzie played the role of legal adviser to SIDC and the office of Aliedean Weshahi & Partners — the legal adviser to Al-Ahly Capital — while the office of Amr & Partners was the adviser for the restructuring of Al-Ahly Industrial Development.