El Sewedy, Suez Canal sign land development deal worth 10 bln EGP

Egyptian cable maker El Sewedy Electric’s subsidiary, SDM for Development and Management has signed with Suez Canal Economic Zone an agreement to develop a land in Ain Sokhna.

it aims to develop and  promote  a land plot of 10 kilo metres on an usufruct basis with total cost of 10 billion Egypt pounds over 10 years.

The agreement also seeks to establish an industrial city  with comprehensive services and utilities, in addition to locally and internationally promote it.

The agreement was signed on the side lines of Africa 2018 Forum.

Africa 2018 Forum, one of the biggest gatherings in the continent, kicked off in Sharm El-Sheikh on Saturday, under the auspices of Egyptian President Abdel Fattah al-Sisi.