Oriental Weavers subsidiary agrees with 9 local, Arab firms to invest in SCZone

Oriental Industrial Development, a subsidiary of Oriental Weavers Group, said that it has signed agreements with nine local and Arab firms to invest in the first phase of Orientals Industrial City (OIC) in Ain Sokhna.

The company has agreed with 15 investors for investments in total area of 200,000 metres, according to the managing director Sameh Ateya.

The company is awaiting final approvals from the Suez Canal Economic Zone for the new agreements within two weeks.

The new agreements are for investments in the fields of medical supplies, engineering industries and furniture, he added.

OIC is an integrated industrial city established in Suez Canal Axis, it will include plants with spaces ranging between 600 and 500,000 square meters, while comprising a four-star hotel, as well as, administrative and residential units.

Orientals Industrial City (OIC) is built on 10.5 mn square meter with investments worth 13 billion Egyptian pounds, developed over five phases within six years.

The project’s first phase extends over 1.6 mn square meters, while the second, third, fourth, and fifth phases span across 950,000, 1.4 mn, 1.8 mn, and 1.3 mn square meters, respectively.