Egypt approves new $16bln industrial city project in Giza

Egypt’s General Authority for Investment and Free Zones (GAFI) approved on Wednesday establishment of new industrial city in Giza governorate. The city will be established under the Investment Zones system.

GAFI said that Tarboul Industrial City will be developed by GV Investments company spanning an area of 26,000 acres in Atfih city, north of Giza.

The new city will have an investment of half a trillion Egyptian pounds ($16 billion) and will create 750,000 direct job opportunities.

Egypt now has 16 investment zones 11 which are operational and five are under construction, the statement added.

The 11 zones have a total area of 2,400 acres, representing a total investment of 34 billion pounds ($1.1 billion). They hold 1,269 projects generating 90,000 jobs.

The five zones under construction will hold 311 projects with 167,000 job opportunities.