On the sidelines of the signing, the Chairman of the Board of Directors and Managing Director of the company said: Administrative Capital for Urban DevelopmentKhaled Abbas, said that according to the memorandum of understanding, signed on Wednesday, it was agreed to study the development of a free zone on an area of about 500 acres within the lands allocated to the company.
According to a statement by the Egyptian Council of Ministers on Wednesday, the company includes an attractive site for industrial infrastructure development with a total area of 1,958 acres, along the Cairo-Ain Sokhna Road.
The Chairman of the Board of Directors and Managing Director of the Administrative Capital for Urban Development Company explained that, in accordance with the memorandum of understanding, technical and economic studies for the project will begin within a short period, in preparation for signing the final contracts and officially starting the establishment of the public free zone.
Abbas stressed that the signing of the memorandum of understanding comes within the framework of achieving the vision of the Administrative Capital for Urban Development Company in creating various attraction points, diversifying its land uses, and establishing an advanced industrial city of the fourth generation.
The Chairman of the Board of Directors and Managing Director of the Administrative Capital for Urban Development Company added that the project will be developed as a public free zone by “Ports”. Dubai Global”, in coordination with the General Authority for Investment and Free Zones, and the main industrial sectors targeted in the region will be: electronics, cars, fast-trading consumer goods, in addition to clothing and shoes.
Engineer Khaled Abbas confirmed that:DP World“It will leverage its global network of clients to attract investment and trade to its free zone project.
In turn, the CEO of the General Authority for Investment and Free Zones, Hossam Haiba, explained that the project to establish a public free zone within the lands allocated to the Administrative Capital for Urban Development Company will enjoy a set of tax and customs benefits guaranteed by law for projects existing in public free zones.
He stressed that this contributes to increasing the exports of these projects, especially since the region is located in a distinguished location in Egypt; It is close to many Egyptian ports, including ports located on the Red Sea such as Sokhna Port or even ports on the Mediterranean Sea, benefiting from the ease of transporting goods that the Sokhna-Dekheila logistical corridor will provide.
