The Suez Canal Economic Zone (SCZone), headed by Ahmed Darwish, signed a contract with “Ask-Capital” alliance, for the development of 6m sqm in the industrial zone in the Suez area.
The signing was attended by President Abdel Fattah Al-Sisi and King Salman bin Abdulaziz of Saudi Arabia at Abdeen Palace. The signing of the alliance contract comes alongside more than 17 agreements and memoranda of understanding signed between Egypt and Saudi Arabia.
According to a member of the Executive Committee of the Ask-Capital alliance, Ahmed Sabri Darwish, the alliance is composed of Saudi, Lebanese and Egyptian companies among others.
Sabri said he had offered the alliance’s papers to the SCZone for the development of 6m sqm in the Suez Canal development project to establish an industrial city on this land.
According to a statement issued by the alliance, several international companies have joined including Alhokair group, Al-Muhaidib Group, Al-Rajhi Group, Al-Kridis, Saedan Group, Al-Khoory Group, and others. Together, this alliance will establish a huge industrial city that includes factories for building materials, food industries, cars, and logistics areas for storage.
The size of investments from the alliance in the project’s infrastructure is expected to reach about $300m. Additionally, 120 factories will be established as well as an integrated city for business, with investments worth $3.3bn.