01 September 2019
Egyptian developer Oriental for Urban Development (OUD) has achieved one billion Egyptian pounds ($60.6 million) in sales for its integrated industrial city project in the Suez Canal Economic Zone (SCZone), a top company official told Thomson Reuters Projects.

OUD is a subsidiary of Oriental Weavers Group, one of the largest carpet and rug manufacturers in the world.

Head of Sales Shady El-Zayat said the contracts with customers would be finalised after licenses are granted by the Industrial Development Authority (IDA).

In April, Thomson Reuters Projects had reported that the project, located at Ain Sokhna, would be developed in five phases at a total cost of 13 billion pounds and include industrial and commercial units, warehouses, entertainment and exhibition areas, residential complexes and a hotel.

(1 US Dollar = 16.50 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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