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A consortium of Saudi Arabia and UAE companies has expressed interest in setting up a giant industrial city in the Suez region of Egypt at an investment of US$3bn
A request has been submitted to the Economic Commission of the Suez Canal for acquiring a 464,515 sq m area for the project, reported Arab News, citing a senior official.
The industrial city will consist of 120 industrial units and factories, which will be manufacturing a wide range of products including food items and automobiles, stated the alliance’s representative, Ahmed Sabri.
About US$300mn has been set aside for the basic infrastructure of the project, which would also feature a business city and storage areas, he added.
The commission’s deputy chairman Abdulqadir Darwish said that it was striving to carve out an area in Egypt free of bureaucracy, to drive economic growth.
He added that the development plan for the Suez Canal would be completed before July 2016 and that the commission would have the mandate to set up projects that would create jobs for Egyptians, it added.