Nasr follows-up on Port Said investments

CAIRO – 17 June 2017: Investment contracts were signed in Port Said totaling LE 1.6 billion in eight months, creating 6,000 new job opportunities, governor of Port Said Adel El Ghadban said Saturday.

Gadban made the statement as Minister of Investment Sahar Nasr visited his governorate Saturday to follow-up on investment opportunities in Port Said and address hurdles facing investors there, according to a statement from the ministry.

During the visit, Nasr checked the Industrial Drainage Project, which will be established to process 25,000 meters of industrial waste and aims to build 300 factories for processing waste.

The first phase of the project is scheduled to be finished by April 2018, followed by the second phase in August, Ghadban said.

Nasr also visited a factory for metal clad and power sockets, which was founded by $500 million in investments. The factories will export to Germany, France and the UK.

In the clothing sector, Nasr visited Lotus Garments factory, which exported $119 million in 2016 and Middle East Tailoring Company (METCO), which also exported $22m in the last year.

Over the past period, Port Said launched 48 land plots in coordination with the ministry. The land contracts will be signed "soon," according to the governor.

Gadban said that Port Said has five factories under construction and four tourist resorts were launched for investors.