ElAraby Group will develop a USD 500 mn industrial zone in Egypt

Egypt-based electronic and appliance provider Elaraby Group is investing USD 500 mn into developing an industrial complex in Egypt’s Quweisna Industrial Zone, CEO Mohamed Alarabi told Asharq Business on Saturday. The project will cover some 100 acres in the new industrial zone in Egypt’s Menoufia Governorate, Amwal Al Ghad reported.

The breakdown: The complex will be developed in partnership with Japanese electronics company Sharp, Taiwanese textile firm Richie, and an unnamed Japanese company. Elaraby will own the majority stake in the project, according to the news outlet. Neither the division of shares nor the timeline for the project were disclosed.

Details: The new industrial zone will house a variety of factories including two plants for refrigerators and air conditioner compressors and factories for deep freezers, air conditioners, stoves, and glass.

About Quweisna Industrial Zone: The Quweisna zone, previously known as the Mubarak Industrial Zone, is located 2 km from the Cairo-Alexandria Agricultural Road, 60 km from Cairo, and 130 km from Alexandria, according to the Administrative Development Ministry’s website.