Investor associations contribute LE 20M to found Sinai holding CO.

CAIRO – 12 December 2017: Egyptian Federation of Investors Association (EFIA) announced on Tuesday the establishment of a new holding company for development in Sinai.

The declaration was made by Head of EFIA Mohamed Farid Khamis during a conference under the name of “Development versus Terrorism on Sinai land”; a conference attended also by Planning Minister Hala al-Said and a number of EFIA members.

“EFIA will have a capital share in the new holding company at a value of LE 20 million ($1.1 million),” Khamis revealed, adding that a committee will be shaped for that regard under the presidency of EFIA Deputy Hassan Ratab in addition to five other members from EFIA.

According to Khamis, the committee will undertake the procedures of the establishment and study possible projects. He did not specify the total capital for the new company.

During the conference, the head of the Industrial Development Authority reviewed an industrial investment map of North Sinai. The map included 100 projects that are implementable.

The government is directing LE 1.89 billion in investments to North Sinai governorate during fiscal year 2017/18, Minister of Planning Hala al-Said announced.

The agriculture sector is dominating the largest share in the projects at LE 505.5 million, followed by LE 281.9 million in the construction sector.