A Saudi-UAE alliance of companies has reportedly sought approval to establish a $3 billion industrial city within the vicinity of the Suez Canal, in Egypt.
The group has submitted a request to the Economic Commission of the Suez Canal to obtain 5 million square feet, according to Saudi daily, Arab News.
The alliance's representative, Ahmed Sabri, reportedly said investors would be sought to contribute up to $3 billion to set up 120 factories to manufacture products including food and cars, as well as a business city and storage areas.
About $300 million would beset aside for basic infrastructure.
Maj. Gen. Abdulqadir Darwish, deputy chairman of the Suez Canal commission, suggested the city would be considered a free zone, void of Egypt’s bureaucracy and would help to drive economic growth.
He said the development plan for the Suez Canal would be completed before July and that the commission would have the mandate to set up projects that would create jobs for Egyptians.
The body would be empowered to pass regulations and laws that would protect the rights of investors and the state. The commission was finalising a number of investment incentives and resolving outstanding issues.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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