By Enyichukwu Enemanna
Egyptian authorities have approved the establishment of a new industrial city under the Investment Zones System in Giza Governorate, which if completed, will create at least 750,000 direct employment opportunities.
The country’s General Authority for Investment and Free Zones (GAFI) which granted the approval in a statement, noted that the Tarboul Industrial City would be developed by GV Investments over an area of 26,000 acres in the desert hinterland of Atfih city, located north of Giza.
According to the statement, the new city would be developed at an investment of half a trillion Egyptian pounds ($16 billion).
Egypt’s investment law defines an Investment Zone as a geographic zone with defined area and borders, allocated to conduct one or more specialised and specific investment activity and other complementing activities.
The country currently has 16 investment zones out of which 11 are operational while five are under construction, the statement said.
The 11 existing zones span a total area of 2,400 acres and represent a total investment of EGP34 billion ($1.1 billion), a Reuters report said, adding that they house 1,269 projects that have generated 90,000 jobs.
The five zones under construction in the governorates of Cairo and Giza are spread over an area of 2,000 acres, representing a total investment of EGP157 billion ($5.1 billion).
They are estimated to house about 311 projects and generate over 167,000 job opportunities.
