CPC to develop industrial zone in Egypt
Cairo, July 24, 2007
CPC Egypt, a unit of the Saudi-based Construction Products Holding Company, will develop a massive industrial zone in Egypt.
The company today signed a contract with the General Authority for Industrial Development to develop the 1.5 million sq m zone.
Present at the signing ceremony were Mu’taz Sawwaf, chief executive officer of CPC and Amr Mohammed Aasal, chairman of the Board of Directors of the General Authority for Industrial Development.
Dr Faysal Alaquil, director of business development, CPC, expressed his gratitude to the Minister of Industry, Eng. Rasheed Mohammed Rasheed, and to the Egyptian government, for the opportunity to work in Egypt.
He said: “CPC is delighted to have this excellent opportunity to share our experience and expertise in the development of an industrial complex that is expected to provide further impetus to the economic growth of the country.”
Dr Alaquil further said the Industrial zone will allocate specific areas to various industries; 60 per cent of the facility will go to building materials, 20 per cent to foodstuff, and the remaining 20 per cent to the textile industry. “These will include areas that will be used for support facilities such as roads, water, electricity and communications,” he added.
He also explained that the development will be divided into two phases; the first phase which will take approximately two years to complete will include preparation of the site and building the required infrastructure.
“During this period, we will initiate a campaign that will promote and market the industrial complex to tap prospective local and international investors. The second phase will include building CPC factories in Egypt for industrial development,” he continued.
Once established, the complex will create 10,000 new jobs. –TradeArabia News Service