Emirates NBD, GV Developments partner to support SMEs in Tarboul Industrial City

Ahram Online , Sunday 14 Jan 2024

Emirates NBD-Egypt Bank signed a partnership agreement with GV Developments, the developer of the EGP 500 billion Tarboul Industrial City, to offer financial assistance to small and medium-size manufacturers to attract them to the under-construction city.

Emirates NBD-Egypt, GV Developments officials at the signing ceremony. Emirates NBD-Egypt
Emirates NBD-Egypt, GV Developments officials at the signing ceremony. Emirates NBD-Egypt

 

The agreement will support the establishment of ready-made factories in Tarboul City, according to a press release on Sunday.

The release did not specify how much the agreement is worth.

Tarboul city is projected to serve as a regional development complex for economic, industrial, and logistics activities. It will provide permanent employment for 750,000 people. The city will also include administrative, financial and business centres, shopping malls and residential areas, along with community services, health, and training facilities.

The Emirates NBD-GV partnership came within the framework of the Sonaa initiative by GV Developments.

Sonaa plans to launch over 1,000 factories within the coming year, spanning innovative sectors such as the engineering and food industries.

“The development of Tarboul City is a key step to enhancing production capacities, generating employment opportunities for young professionals, and reducing the strain on foreign currency reserves by curbing imports,” stated Amr El-Shafei, CEO and managing director of Emirates NBD-Egypt.

“Tarboul Industrial City stands as a beacon for future industry, offering a lucrative opportunity for investors across all sectors. The city's emphasis on smart manufacturing enhanced logistical services, and digital infrastructure grants it a distinctive global standing. Additionally, it houses an 'innovation hub', designed to nurture entrepreneurs and start-ups, further cementing its unique position in the industrial landscape,” said Sherif Hamouda, chairman of GV Developments.

Emirates NBD-Egypt is a subsidiary of the UAE’s Emirates NBD Group. The group conducts operations in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain and representative offices in China and Indonesia with a total of 853 branches and 4,213 ATMs / SDMs, according to the bank’s website.

Founded in 2019, GV Developments is the real estate arm of GV Investment Group which is based in Egypt and operates in industrial and service sectors.

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