Egypt's GAFI approves establishing $16.2 bln industrial city in Giza

Ahram Online , Wednesday 23 Aug 2023

The Egyptian General Authority of Investment and Free Zones (GAFI) has approved an application by GV Investments to establish an EGP 500 billion ($16.17 billion) industrial city near Atfih in the Western Desert, according to a cabinet statement on Wednesday.

Tarboul City. GV Investments Website.
Tarboul City. GV Investments Website.

 

Named "Tarboul", the city will serve as a regional development complex for economic, industrial, and logistics activities. It will employ 750,000 people permanently.

The project will also include administrative, financial and business centres, shopping malls and residential areas, along with community services, health, and training facilities.

According to the cabinet statement, 11 investment zones in Egypt to be built on 2,400 feddans will comprise 1,269 projects implemented at a cost of EGP 34 billion and offer more than 90,000 jobs.

Five investment zones are under construction in Cairo and Giza, spanning 2,000 feddans with EGP 157 billion in investments. They are expected to create over 167,000 jobs.

Established in 2019, GV Investments Group is based in Egypt and operates in real estate, as well as industrial and service sectors.

Egypt has recently taken serious measures to improve its business and investment climate.

The country is seeking to increase the share of the private sector in the economy to 65 percent, up from the current 30 percent, based on its State Ownership Policy Document.

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