IDA signs agreement with Saudi’s CPC to develop EGP 900 mn Sadat City industrial zone

INVESTMENT WATCH- IDA signs agreement with Saudi’s CPC to develop EGP 900 mn Sadat City industrial zone: The Industrial Development Authority (IDA) signed an agreement on Thursday with Saudi Arabia’s Construction Products Holding Company (CPC) to develop an industrial zone in Sadat City for EGP 900 mn, according to the State Information Service. Under the terms of their contract, CPC will establish the main infrastructure for the project and also handle the marketing and the allocation of land to investors under the IDA’s supervision, Al Masry Al Youm reports. The IDA will also sign off on contracts with investors, said deputy head Magdy Ghazy. The project is expected to draw in EGP 2 bn-worth of new businesses and 20% of available spaces will be earmarked for SMEs.