Egypt’s GAFI okays establishment of 30 new projects within Saudi CPC industrial zone

By Hesham Ibrahim On Jul 19, 2020

The General Authority for Investment and Free Zones (GAFI) on Saturday approved 30 new projects set to be established within Saudi-based Construction Products Holding Co. (CPC) investment zone in the 6th of October city.

GAFI Executive Director Mohamed Abd el Wahab directed the executive office of the zone to expedite the issuance of licences to enable these projects to start operations.

This came during a meeting with the board of directors of the CBC Egypt for Industrial Development Co., which affiliates to the GAFI.

The meeting reviewed the status of the 357-feddan investment zone.

Meanwhile, Abdel Wahab checked on the workflow of a set of projects in the investment zone and their compliance with the precautionary measures.

CPC, the industrial arm of Saudi Binladin Group, is developing the new zone that is initially expected to cost around 400 million Egyptian pounds ($24.1 million).

The new industrial units will be on a total area of 30,000 metre square with total investments of 140 million Egyptian pounds, he added.

CPC has been in the Egyptian market since 2007 with local investments of 24 billion Egyptian pounds with a total land plots portfolio of 2.6 million square metres.