Madar Company signs 10 bln pounds investment agreement to establish project in Dabaa

Madar Company for Touristic Villages and Investment has signed an investment agreement with Mersa Matruh Governor Alaa Abu Zaid  to set up an integrated investment project in Dabaa.

The project will be worth 10 billion Egyptian pounds on an area of 2.14 million square meters.

Madar Company will start implementing the project within six months on three levels, according to the release.

Minister of Investment and International Cooperation Sahar Nasr and Minister of Local Development Abu bakr al Gandy, attended the signing ceremony.

Minister Sahar Nasr said that this investment project is considered to be the biggest Egyptian project after the approval of the Investment Law and its executive list.

Nasr noted that the ministry is working on establishing West Egypt project as soon as possible, referring that this project will be an economic and investment center which will participate in the growth of domestic economy.

Mersa Matruh governorate, in cooperation with the Ministry of Investment and International Cooperation and the Ministry of Local Development, are working on constructing an investment zone in Mersa Gargoub, located in west Mersa Matrouh, including an international economic and touristic center, houses, hospitals, a logistic area and a commercial port, spanning over 75 kilometers,  Governor Alaa Abu Zaid said.

The project in Dabaa offers 20,000 job opportunities, chairman of Madar Company Nasr Abdul latif said.