Egypt-Saudi company to invest $558.7 mln in new capital projects

A medical company owned by Egyptian and Saudi investors announced on Wednesday plans to build a fully-fledged medical city besides industrial projects in Egypt’s anticipated new capital.

Khaled El Hosseini, spokesperson of Egypt’s Administrative Capital for Urban Development (ACUD), said the Egyptian-Saudi venture named Spine Medical seeks to invest up to 10 billion Egyptian pounds ($558.7 million) worth of medical and industrial projects in the new capital.

A delegation from the company discussed plans to set up medical city and industrial projects, as well as other industrial ventures, including a facility — possibly in 10 Ramadan City. It will work in manufacturing surveillance and remote control equipment for smart buildings at the new capital and new urban communities around it.

Egypt’s ambitious plan to construct a new metropolis 45 km (28 miles) east of Cairo was announced in March 2015 as part of a plan to lure back foreign investors.

The project is one of several announced by President Abdel Fattah al-Sisi to develop the economy and create jobs for a growing population of 91 million.