East Port Said, 3 global firms to invest in Suez Canal Axis

Egypt’s East Port Said Development (EPSD) says it is negotiating with three German, Ukrainian, and Polish firms to invest in East Port Said Industrial Zone at Suez Canal Axis Development flagship.

ESPSD will sign contracts with the three global firms to inject investments into East Port Said zone metres over 50,0000 square metres within the coming three months, EGPSD’s commercial director Ahmed El-Mofty told Amwal Al Ghad.

“The new investments will be pumped into the fields of irrigation hoses, steel wooden doors, and household appliances,” El-Mofty further said.

The official added that the German firm aims to get 30,000 square metres, while the Polish firm hopes to obtain 20,000 square metres out of the total 50,0000 square metres.

In September 2017, El-Mofty said the state’s General Authority for Suez Canal Economic Zone signed a contract with ESPSD to utilise and develop around 16 million square netres in East Port Said zone.

“East Port Said Industrial Zone’s total space reaches about 40 million square metres,” he said.

As for EPSD, the company is the developer and promoter for the new industrial area in East Port Said Special Economic Zone that is located at Egypt’s most strategic location, the northern end of the Suez Canal.

The company has been established by the Industrial Development Group (IDG), the National Service Project Organisation (NSPO) and Samcrete.