Cabinet Launches Firm with EGP1 bln for Developing Upper Egypt

Mohammed Farid Khamis The head of Egyptian Union For Investors Associations revealed that the Egyptian Cabinet  is targeting to  launch firm with initial capital worth EGP1 billion in for developing Upper Egypt governorate along with the firm which is schedule to launch by the businessmen within the coming period.

Khamis has informed Amwal Al Ghad that it was agreed with Egypt’s Minister of Local Development Adel Labib for the participation of the businessmen with shares ranging from 10%-20% in the new firm.

He added that this governmental firm will coordinate with the firm that will be launched by the Union for developing Upper Egypt, noting that both companies will interest in various investment projects especially infrastructure, tourism and industry fields.

The board comprises of a number of business leaders, led by Safwan Thabet CEO of Juhaynah food industries, Hassan Rateb CEO of Sama Group Companies.