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Egypt’s Industrial Development Group (IDG) said it has launched a new industrial park, e2 New October, in New October City with investments of 4.8 billion Egyptian pounds ($101 million).
The project will span 1.6 million square metres (sqm) and will be equipped with infrastructure, renewable energy systems and a fully integrated logistics centre, the company said in a statement.
IDG said land use within the project will be diversified across industrial, logistics, commercial, administrative and service activities, in line with Egypt’s Vision 2030 strategy to promote sustainable industrial development.
The developer expects the park to attract local and foreign investment, generate more than 10,000 job opportunities, and support the construction of up to 100 factories.
The project is scheduled for completion within three years, with land plots already being offered to investors in the second half of 2025.
Shady William, chief executive officer of IDG, said the group’s four industrial parks - East Port Said, e2 Alamein, e2 October and e2 New October - serve complementary roles within its platform.
“East Port Said and e2 Alamein act as gateways for export and nearshoring, building integrated supply chains, while e2 October and e2 New October focus on attracting foreign direct investment and supporting Egyptian producers serving the local market,” William said.
Its first project, e2 October, was launched in 2008 as Egypt’s first integrated industrial park.
Mohamed Shehab Abdel Wahab, operations director at IDG, said the company has signed memorandums of understanding with Banque Misr and Arab Bank to provide financing facilities for small and medium-sized enterprises. IDG is also working with DCarbon on energy-efficiency solutions and with Regus to provide equipped workspaces at its industrial parks.
IDG currently controls an industrial land portfolio of 23.4 million sqm.
(1 US Dollar = 47.48 Egyptian pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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