The Industrial Development Group (IDG), an industrial arm of Egypt-based construction firm Samcrete, will finish the infrastructure works of East Port Said industrial zone by 2018, IDG’s managing director Sameh Attia said Sunday.
The infrastructure works of the project will cost around 3 billion Egyptian pounds, Attia noted.
IDG is to sign an official agreement to develop an industrial zone in East Port Said port with Suez Canal Economic Zone Authority (SCZone) by the end of the current Month.
Upon the anticipated contract, Attia said IDG is set to develop East Port Said’s industrial zone on a space of 16 million metres square.
Attia told Amwal Al Ghad that his company has already injected 30 million Egyptian pounds into the project’s infrastructure works.
IDG is a shareholding company with joint Egyptian – German – American investments; 80 percent of which is Egyptian capital, while 70 percent of that is Samcrete investment.
Last November, President Abdel Fattah al-Sisi launched the East Port Said port development project in Port Said, giving the starting signal for digging to begin on a side channel to be used in the project.
The implementation of the large sea port on the eastern side of the city is part of the overall Suez Canal Axis Development Project. The new port will include industrial, logistics, and residential zones as well as one dedicated to fish-farming.