by Mahmoud Hammad
A “thousand factory” project in the industrial zone in New Cairo is waiting for a go-ahead from the presidency, which gives it full care through the Specialised Economic Development Council to which it is affiliated, where it worked on the removal of all obstacles challenging investors in that region.
Hisham Kamal, investor head of the Small Industries Association, said the association is supposed to inaugurate the project during October under the auspices of the president, but has not yet received any notifications from the presidency.
Kamal added that facility works have been completed, and that investors are submitting paperwork for obtaining operating licences.
He added that the investors in the project, which is located behind the German University in New Cairo, obtained the land and established factories, some of which are in the finishing stage.
Kamal pointed out that the number of ready-made factories is 440 plants, at an investment cost of up to LE4 billion.
He asserted that the Presidency considers the factory project at the same level of importance as the Suez Canal project and the “million acre” project.
Kamal expects the project to be completed by the end of this year with 908 factories.
He clarified that the Specialised Council for Economic Development has been facilitating the funding process which will be conducted through the Social Fund for Development.
For his part, Alaa Abdul Aziz, head of new Cairo City Authority, said: “We have accomplished all the infrastructure works of paving the roads and providing water and electricity to the region. A police station was also established there, so the region is completely prepared for launching the investment.
