Cooperation with "Singapore Holding Company" to establish industrial cities

CAIRO, Sept 19 2017: Trade and Industry Minister Tarek Kabil said Tuesday that the cooperation with Singapore Holding Company aims to benefit from its expertise in establishing and managing the industrial cities.

These remarks were made after the signing of a memorandum of understanding between Industrial Development Authority and Singapore Holding Company to establish a comprehensive industrial city in Kom Oshim district in Al Fayyoum governorate.

In a statement by the media office of the Prime Minister, it said that the memo reflects the keenness of Egypt and Singapore to boost the economic cooperation between them in various fields.

Establishing new industrial city project comes under the Ministry plan to promote industrial development and industrial growth rates, the media office added.

Kabil noted that a joint company will be established between the authority and the Singaporean company to manage all stages of the new project construction as the Singaporean company will fund the project and the authority will provide all kinds of support, information and data related to the project.

The Chairman of the board of the directors of Singapore Holding Company said that the company will provide investment costs for the project through a number of foreign banking institutions as well as cooperation with the authority in the preparation of detailed studies on the establishment of the new project.