He noted that the site was originally selected because of
its proximity to several ports and its ability to serve multiple governorates.
Projects in this location create significant job opportunities. Madbouly
stressed that development only became possible after the state invested heavily
in infrastructure over the past eight years.
The Prime Minister recalled that the site where attendees
stood had once been submerged in seawater, with depths reaching three meters in
many parts. Transforming it into land for factories required major reclamation
and infrastructure work. He said that attracting a foreign investor willing to
inject hundreds of millions of dollars and provide thousands of jobs would not
have been possible without advanced facilities, fast-track licensing, and a
skilled workforce.
The industrial zone covers 20 million square meters, with
only the first phase under development. Preparing the area and completing its
infrastructure is expected to cost EGP 15 billion. Despite the large figure,
the first phase alone has already attracted 40 projects, including the two
factories inaugurated today.
Madbouly pointed out that these projects represent $1
billion in foreign investment and provide 50,000 jobs. He highlighted exports
as the most important outcome. If each factory exports $50 to $100 million
annually, the total could reach $3 to $4 billion each year. The zone is planned
to host 50 factories, which would create 500,000 jobs and generate up to $25
billion in exports.
He stressed that without state spending on infrastructure
and facilities, no investment would have been possible. The projects are
expected to be completed within two and a half years, contributing around $4
billion in exports from this zone alone. He said that this progress supports
Egypt’s vision to reach $140 billion in exports by 2030, with industrial
development leading economic growth.
The Prime Minister thanked all those involved in the
project, including teams working on water, gas, electricity, sewage, telecommunications,
land reclamation, and roads. He emphasized that what was once swampland has
been transformed into an integrated industrial hub.
Concluding his remarks, Madbouly said he will return to the
zone within three months and expressed hope that more factories will be
inaugurated, providing real returns for the Egyptian economy in the coming
period.