Cairo - Mubasher: Suez Industrial Development Company (SIDC) has signed an agreement with Al Ahly Capital Holding (ACH), an investment arm of the National Bank of Egypt (NBE), to jointly establish an industrial park in Abu Rawash (Giza) in Egypt.
Spanning over 2.2 million square metres, the park is expected to become a hub for various sectors, including logistics, light industries, and SMEs, according to a press release on Monday.
SIDC, a subsidiary of Orascom Construction Plc, will hold a 25% stake in the project company.
The CEO of Orascom Construction, Osama Bishai, said: "This project paves the way for a successful partnership between two leading public and private sector entities that aims to increase new industrial investments in Egypt."
Meanwhile, the Chairman of NBE, Hisham Okasha, commented: "The industrial park development project is in line with the strategy of ACH and NBE Group to directly contribute to industrial localization."