Industrial Development Group (IDG) aims at developing 400,000 m2 in east Port Said industrial zone as a first phase within the upcoming three years, Managing Director Sameh Attia said Wednesday.
IDG -the industrial arm of Samcrete Group- has pumped 30 million Egyptian pounds (U$3.8 million) to implement the first phase of infrastructure works of the zone to attract more foreign investments, Attia stated.
The official made these remarks during Egypt Mega Projects Conference held on 8-9 December 2015.
He added that IDG was officially charged by the government with the utilizing works of zone’s infrastructure but it had not finished signing the final contracts yet.
According to the contract, Industrial Development Group is set to develop total space of 600,000 m2 in east Port Said industrial zone depending on self-finance.
IDG is a shareholding company with joint Egyptian-German-American investments; 80% being the Egyptian contribution and 70% being contributed by Samcrete.
