In the aim of increasing investment demands by Egyptian and Arab investors, the new Damietta Investors Association head Ossama Hafila has called for the provision of an industrial area for the current city. The various industrial sectors are expected to make high demands on the governorate when the new furniture city is completed.
There are demands for investment expansions of a further 850 standing factories to make a total of 1,650, Hafila notes. He adds that the other factories include those under construction and others under operation with investment costs of not less than LE9bn.
There are areas that could be added to the industrial city to provide land in conformity with decree no. 546 on the establishment of the city and Damietta Harbour, he says. This will contribute to expanding the percentage of the industrial area in a way that would multiply current investments in a short period of time.
Hafila says the city needs 1,000 lots of industrial land and 500 lots for warehouses. This step will depend on the government, which has the upper hand in providing land for expanding industrial sectors, including those for engineering, foodstuffs, marble and chemicals.
The majority of current investments are Egyptian, and Arab investments are contributing no more than 4 per cent, he says, referring to investments from Saudi Arabia, Syria and Jordan. However, he points out that the Egyptian economy is in dire need of increasing investments which would help achieve the hoped for development.
