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| 13 August, 2018

Egypt's East Port Said signs $80mln agreements

The company signed two contracts with BAG East Port Said and Gerda Egypt.

Image used for illustrative purpose. 
Cranes are seen near the Suez Canal in Port Said, Egypt July 29, 2018.

Image used for illustrative purpose. Cranes are seen near the Suez Canal in Port Said, Egypt July 29, 2018.

REUTERS/Amr Abdallah Dalsh

East Port Said Development company signed two contracts with investments of up to €70m with BAG East Port Said and Gerda Egypt.

This came in the context of the company’s development of the area allocated by the Suez Canal Economic Zone (SCZone) by attracting a number of foreign investments and the establishment of a number of projects in the industrial zone in East Port Said.

The signing of contracts represents the first step on the right path in implementing projects on the ground and activating the contracts signed last year with the German side, especially in the investments in East Port Said, said SCZone Chairperson Mohab Mamish.

He added that the soil treatment and constructions are going very well, thanks to the efforts of the Armed Forces Engineering Authority, expecting soil treatment works to be completed before the end of the year whereby investors can kick off their own projects.

Moreover, he stressed that the signing of the contracts is the real development of the East Port Said region in light of SCZone providing utilities to the industrial zone.

Sameh Attia, managing director of East Port Said Development Company, said that the signing of these contracts with German industrial companies, as the first industrial investors in East Port Said confirms the feasibility of European investments in East Port Said to serve the local market with international quality products, as well as the region’s competitiveness to serve export markets in Europe and the Mediterranean.

Karim Samy Saad, chairperson of East Port Said Development Company, confirmed the complete coordination with the SCZone to provide land, facilities, administrative, and logistical services to investors at the agreed and precise times, enabling investors to establish their projects and fulfil their obligations in a disciplined manner.

East Port Said Development Company is one of the industrial developers working in East Port Said. It is the product of the partnership between the state and the private sector represented by the Industrial Development Group (IDG), Hassan Allam Construction Group (HA), and Samcrete Egypt Engineers and Contractors.

East Port Said Development Company is responsible for the development, management, and marketing of the East Port Said Industrial Zone, which has a total area of ??16m sqm. It is assumed that the development process will take place in several phases. The first phase of the project is 4m sqm, expected to be completed in the coming five years.

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