Egyptian Prime Minister Mustafa Madbouli held a meeting to review the plan for an industrial city project to be established in the New October City.
There will be a process of allocating the lands required for this large scale project, Housing Minister Asem Al-Gazzar, said. The required lands will be allocated in two stages.
The largest number of housing units is being built, especially for low-income people, in the different areas of October City and therefore such a project is very important, to provide job opportunities, he added.
Gazzar stated that the government had
received a request from the El Sewedy Electric Group to establish a new
industrial zone in the New October City.
This is planned to be implemented through the industrial developer system, near the dry port that is being implemented in the 6 of October City.
Madbouli stressed that the government will not be profiting from the price of these industrial lands by any means.
The most important factor is the development and the speed of operating the factories.
The Minister of Industry, Ahmed Samir, said his ministry coordinated with the Ministry of Housing regarding the project and agreed on the governance mechanism for the industrial zone that the industrial developer will acquire and manage, so as not to add increasing burdens to manufacturers.
During the meeting, CEO and Managing Director of El-Sewedy Electric Group, Ahmed El-Sewedy, reviewed the features of the project, explaining that the project is planned to be one of the largest industrial cities in Egypt.
The project will be implemented in three phases, and is expected to add annually, after its completion, about LE5 billion to the national gross domestic product, in addition to attracting foreign and domestic investments amounting to LE20 billion, Sewedy said.
The project will provide more than 150,000 job opportunities in various industries, and will have 400 factories and about 100 logistics and commercial facilities.
Source: Egypt Independent
