23 January 2020 04:44 PM

Nasr, UAE minister open City Center Almaza established at $580mn investments

Friday، 06 December 2019 - 01:45 PM

Investment and International Cooperation Minster Sahar Nasr and UAE Minister of Climate Change and Environment Thani Ahmed al Zeyoudi opened on Thursday City Center Almaza which was established at investments worth $580 million (EGP 9.35 billion).

Located across 29.5 feddans on Cairo-Suez road, the City Center Almaza is established in accordance with the investment zones system.

The project groups more than 260 retailers and local and international restaurants and provides 40,000 direct and indirect job opportunities.

Egypt's Nasr hailed the investment zones system which helps obtaining permissions and licences needed for the projects and assists investors getting all necessary services and facilities while dealing with various state bodies.

The UAE's investments in Egypt have hit $7.2 billion through 1,165 UAE's companies operating in the country, Nasr underscored.

Nasr said there are five investment areas in Egypt grouping 271 projects with a total capital amounting to EGP 11 billion and work is underway for expanding these zones, citing 12 new zones that are under implementation.

The new zones are expected to lure EGP 78 billion investments, she added.

Meanwhile, al Zeyoudi described the Egyptian-UAE ties as a model to follow at all levels, saying that relations are currently witnessing a new era of development.

Today's project is a leading model that promotes for the green economy and helps protect the environment, he noted.

MENA

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