Elsewedy subsidiaries SDM, PIP to invest EGP 880 mn in developing Sadat City industrial zones

Elsewedy Group subsidiaries SDM and Pyramids Industrial Parks signed with the Industrial Development Authority (IDA) contracts to develop industrial zones in Sadat City at a combined investment cost of EGP 880 mn, Elsewedy said in a disclosure to the EGX (pdf). IDA head Ahmed Abdel Razek had said the two contracts’ combined investment value stood at EGP 4 bn. Each EGP 440 mn contract entails developing 2 mn sqm.