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Tarboul gets the green light: The General Authority for Investment and Freezones(GAFI) has approved GV Investments ’ ambitious Tarboul industrial project in Giza, it said in a statement yesterday. The 26k-feddan city is expected to include industrial zones, a dry port and other logistical facilities, financial and business centers, and residential areas, according to its website. GAFI did not disclose a specific timeline for the project.
It comes with a hefty price tag: The project will require some EGP 500 bn (USD 16.2 bn) of investment, according to the statement. GV Investments hasn’t provided details on financing for the project.
Step one: The city will be built in seven phases, the first of which comes with a price tag of USD 3 bn, Al Mal reported yesterday, citing GV Investments chairman and founder Sherif Hammouda. The first phase will include food manufacturing facilities, housing, and a factory waste recycling project, he said previously.
Mass appeal: The city will include 12 separate industrial zones that cater to a wide range of industries, including agribusiness, building materials, medical and pharma, high-tech manufacturing, textiles and chemicals, according to Hammouda.
Who's involved? Three contractors have already begun working on preparations for the project, including Hills Construction, El Shennawy Gro up, and Abu Arida for Sons Contracting, Hamouda is quoted as saying by the outlet. Qalaa Holdings’ Taqa Arabia is set to carry out infrastructure works, including constructing power stations, water stations, and wastewater facilities, while Amarenco SolarizEgypt is set to contribute and provide clean energy infrastructure. Export Development Bank of Egypt(Ebank) and Al Ahli Bank of Kuwait will both provide financing to help SMEs establish themselves in the city, with Ebank agreeing to lend up to EGP 10 mn. Meanwhile, GV said earlier this year that it had inked an agreement with Orange to provide “smart cities solutions,” without elaborating, and signed a MoU with French consulting and engineering firm EGIS for the development of the city.
