Egypt's General Authority for Investment and Free Zones (GAFI) has approved the establishment of a new industrial city under the Investment Zones system in Giza governorate.

GAFI said in a press statement that Tarboul Industrial City would be developed by GV Investments over an area of 26,000 acres in the desert hinterland of Atfih city, located north of Giza.

The statement said the new city would be developed at an investment of half a trillion Egyptian pounds ($16 billion) and is expected to create 750,000 direct job opportunities.

Egypt’s investment law defines an Investment Zone as ‘a geographic zone with defined area and borders, allocated to conduct one or more specialised and specific investment activity and other complementing activities.

The country currently has 16 investment zones out of which 11 are operational while five are under construction, the statement said.

The 11 existing zones span a total area of 2,400 acres and represent a total investment of EGP34 billion ($1.1 billion). They house 1,269 projects that have generated 90,000 jobs.

The five zones under construction in the governorates of Cairo and Giza are spread over an area of 2,000 acres, representing a total investment of EGP157 billion ($5.1 billion). They will house 311 projects and generate than 167,000 job opportunities.

(1 US Dollar = 30.90 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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