Sign in
Orascom Industrial Parks is heading to the SCZone: Egypt’s Suez Canal Economic Zone (SCZone) has signed an EGP 13 bn land usufruct contract with Orascom Construction subsidiary Orascom Industrial Parks (IP) to develop an integrated industrial complex in Ain Sokhna Industrial Zone, according to a statement published on Thursday.
(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)
We first heard about the project in March, when the SCZone greenlit the project alongside several other projects.
What we know: The 3.3 sqkm complex will be developed, marketed, and managed by Orascom IP under a revenue-sharing mechanism with the authority, the statement notes. The project will tailor its facilities, services, and infrastructure towards various industrial and service sector enterprises, including heavy and medium industries and plug-and-play factories.
What they said: The move is part of a bid to “establish integrated industrial zones that provide a conducive environment for local and foreign investments, which contributes to diversifying the production base and increasing exports, especially in the industrial and service sectors targeted by SCZone,” SCZone Chairman Waleid Gamal El Dien said in the statement.
About Orascom IP: The Egyptian firm is a joint venture between Orascom Construction, which holds the majority shares obtaining a 60.5% stake in the company, and a consortium of financial partners, the statement notes.
Making moves: Orascome IP, along with a handful of Egyptian private players, have been eyeing a project to set up an industrial zone in Egypt’s Eastern Desert’s Golden Triangle, since last year. The planned industrial zone’s first phase is set to cost USD 2 bn in initial investment, with the zone to ultimately cater to the mining, agriculture, trade, and tourism sectors.
