Ahmed Abdel Razek, head of the Industrial Development Authority (IDA), announced that a Saudi company decided to inject a new investment in Egypt through a project to manufacture paper products with a total investment of EGP 500m as a first phase. It will include three production lines, including a line for the production of cement bags.
Abdel Razek said that the company has requested the allocation of an area of 200,000 sqm in the industrial city of Borg El-Arab in the governorate of Alexandria.
Abdel Razek pointed out that it is planned to start production from the first line within a year and a half of the land’s allocation.
During his visit to Saudi Arabia to participate in meetings of the joint Egyptian-Saudi ministerial committee, Abdel Razek visited the Saudi Industrial Property Authority to learn about the nature of its activities and services.
Abdel Razek noted that it was agreed to sign a protocol of joint cooperation between the two sides to benefit from the available expertise of the two bodies as well as exchange of data and information on industrial activities in Egypt and Saudi Arabia, which will contribute to facilitating investors’ access to the two countries on all information related to industrial and investment activities.