Egypt Establishes Arab Industrial Zone In 6th October City
Both Egyptian Ministries of Industry and Housing have agreed on allocating more than 2 million m2 to establish a new industrial zone in 6th October city under the name of “Arab Industrial Zone in Egypt”. This zone will be established to respond to the willingness of 40 Syrian investors who seek to transfer their investments to Cairo; escaping from Bashar Al Assad.
Ibrahim Nawar, official spokesman of the Egyptian Ministry of Industry, stated that Eng. Hatem Sale, Minister of Industry and Foreign Affairs, will convene a meeting tomorrow with Dr Tareq Wafiq, Egyptian Minister of Housing and Urban Communities, in order to announce the details concern the new industrial zone.
A reliable source in the board of 6th October Investors Association said the discussions over the new Arab industrial zone started two weeks ago, with the Industrial Development Authority (IDA). The discussions tackled that the Syrian investors need more than 900.000 m2 so as to move their investments to Cairo owing to the incidents are taking place in Syria.
On the same context, the International Business& Investment Association (IBIA) will host on Wednesday the two ministers to declare the details of transferring the Syrian investments to Egypt, and how fairly provide the energy, as the investment costs of the new Syrian ventures reach $ 10 billion and will need large amounts of energy necessary for operating them.
For his part, Eng. Ahmed Galal El Din, Chairman of IBIA, told “Amwal Al Ghad” that IBIA always seeks to provide the suitable climate to receive any new investments to Egypt, whether Arab, European or Russian. Moreover, the association is getting ready to participate with a large number of firms in the biggest commodities convention in Russia next June.
