UAE-based firm Al-Sweiden Holding Company has said that it seeks to construct a commerce and shopping district close to the Suez Canal axis, reported Daily News Egypt, quoting an announcement by the Ministry of Supply and Internal Trade.
This is one of the two projects Al-Sweiden is undertaking in Egypt at investments worth EGP 40 billion (AED 20.54 billion).
The project will cover over 4.2 million square metres and is expected to offer up to 500,000 job opportunities after the completion of the first phase, whereas the second project includes the establishment of a logistics centre for food products in Damietta.
“The centre aims to transform Egypt into a hub for logistical, global storage,” said Minister of Supply Khaled Hanafy, adding that the project will introduce global mechanisms for storing, handling and packaging grains.
The Ministry of Supply and Internal Trade has noted that the Transportation and Housing Ministries will cooperate on the project.
Hanafy met with Al-Sweiden’s president and the Abu Dhabi Chamber of Commerce and Industry’s board of directors’ member, Ahmed Al-Sweiden. The two parties signed a cooperation agreement which will allow them to discuss the operational mechanisms of the two projects.
The projects will be supervised by the Ministry Of Supply’s Internal Trade Development Authority (ITDA).
Al-Sweiden has revealed that it has reviewed the technical details for both projects, hihglighting that there will be economic and social returns to Egypt and neighbouring countries.
This is one of the two projects Al-Sweiden is undertaking in Egypt at investments worth EGP 40 billion (AED 20.54 billion).
The project will cover over 4.2 million square metres and is expected to offer up to 500,000 job opportunities after the completion of the first phase, whereas the second project includes the establishment of a logistics centre for food products in Damietta.
“The centre aims to transform Egypt into a hub for logistical, global storage,” said Minister of Supply Khaled Hanafy, adding that the project will introduce global mechanisms for storing, handling and packaging grains.
The Ministry of Supply and Internal Trade has noted that the Transportation and Housing Ministries will cooperate on the project.
Hanafy met with Al-Sweiden’s president and the Abu Dhabi Chamber of Commerce and Industry’s board of directors’ member, Ahmed Al-Sweiden. The two parties signed a cooperation agreement which will allow them to discuss the operational mechanisms of the two projects.
The projects will be supervised by the Ministry Of Supply’s Internal Trade Development Authority (ITDA).
Al-Sweiden has revealed that it has reviewed the technical details for both projects, hihglighting that there will be economic and social returns to Egypt and neighbouring countries.
Source:
Mubasher
