Egypt’s cabinet has approved a draft decision to establish a new private freezonein Ain Sokhna over an area of 40k square meters for the Italian Egyptian Company for Sustainable Technological Industries, according to a cabinet statement. The freezone will specialize in establishing and operating factories to produce high quality feldspar, and no-silica bio quartz and panels. The statement did not disclose a timeline for the construction of the freezone or the value of investments expected.

What we know so far: The company will export some 80% of its annual production and will use local components in 90% of its production inputs in its first three years of operation, the statement adds.

OTHER NEWS FROM EGYPT-

Hutchison Ports is looking to pour some USD 2 bn in investments in Egypt in the coming years, Amwal Al Ghad cites Hutchison Ports CEO Gary Achun as saying on the sidelines of the TransMEA 2023 event last week. Hutchinson currently operates Alexandria Port and El Dekheila, according to their website. It has also invested some USD 700 mn in Ain Sokhna Port and B100, a new container terminal in the Port of Alexandria.

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