Miniter of Industry and Trade Tarek Kabil - File photo
CAIRO – 21 September 2017: The Singapore Holding Company will invest $1 billion in its industrial complex project in Fayoum, which was announced earlier this week, Minister of Industry and Foreign Trade Tarek Kabil said Thursday.
“The total cost of the project will be determined after conducting the feasibility studies of the project,” Kabil said in a statement.
Prime Minister Sherif Ismail and Kabil witnessed Tuesday the signing of a memorandum of understanding (MoU) between the Industrial Development Authority (IDA) and Singapore Holding Company to establish a comprehensive industrial city in Kom Oshim district in Fayoum governorate.
Established over 33 million square meters, the city comprises a mega technological valley as well as residential units.
Kabil said that a joint company will be established between the IDA and the Singaporean company to manage construction stages of the new project, adding that the IDA will provide all kinds of support, information and data related to the project.
The chairman of the board of directors of Singapore Holding Company said that the company will provide investment costs for the project through a number of foreign banking institutions.