FILE - Minister of Housing Moustafa Madbouly
CAIRO – 29 May 2018: Egypt’s Minister of Housing Mustafa Madbouly signed on Tuesday a memorandum of understanding with the New Urban Communities Authority and CGCOC Group Co., Ltd to establish the first industrial zone in El Alamein, Egypt.
The establishment marks the beginning of the founding of the new city of El Alamein as the new commercial and administrative capital of the Northern Coast of Egypt.
Madbouly stressed that the ministry aims to provide multiple activities and different services in El Alamein city which will be a suitable city for housing through this project.
The minister also said that the MoU was signed with the CGCOC Group due to its huge experience, adding that the Board of Directors of the New Urban Communities Authority agreed to provide the necessary land in the new industrial zone in El Alamein to investors with various facilities.
Madbouly added that Al Alamein is expected to depend on renewable energy and desalination projects.
“The MoU is also a step forward in the economic and industrial cooperation between Egypt and China; with the implementation of this project, more and more investors are expected to come from China to pump investments in Egypt,” the minister added.
The Chinese company overseas said that the CGCOC is one of the top 50 companies according to the Chinese Ministry of Commerce from 2006 to 2014 and one of the top 100 international contracting companies granted by ENR from 2004 to 2014.