Egypt to invest EGP 12 bln in establishing its 1st green industrial complex in New Alamein

Egypt will invest EGP 12 billion in establishing its first green industrial complex in the industrial zone of New Alamein, according to Chairman and CEO of Integrated Environmental Technologies and Oil Services (IETOS) Hazem Gaber. Gaber made his statement in a meeting with Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny; Deputy Chairman of the New Urban Communities Authority Amin Ghoneim; Head of New Alamein City Authority Ahmed Ibrahim; and General Manager of IETOS Hassanien ElMamlouk. During the meeting, he explained that the complex's first phase includes establishing three main factories and other supporting ones. Gaber added that the complex will span an area of 400,000 square metres and is expected to provide 2,000 direct job opportunities. Furthermore, he said production is expected to start in the second quarter of 2025, with a local component of around 60-70 percent. Meanwhile, ElMamlouk noted that the company will establish a research centre to develop products local ly in Egypt, instead of just transferring technology from abroad. He added that the IETOS aims to make Egypt a centre for exporting its products to the Middle East, Africa, and Europe. Additionally, he pointed out that investing in Egypt is a strategic goal to benefit from the investment incentives provided by the government. From his part, El-Sherbiny stressed that the housing ministry supports and encourages reliance on local industry and maximizing the local component in various products, to reach a fully local manufacturing. This aligns with the government's plan to localize industry and shift toward a low-carbon economy and environmental sustainability. In August, Egypt launched its national low-carbon hydrogen strategy. In addition, Egypt signed seven memorandums of understanding (MoUs) in February for green hydrogen and renewable energy with seven global developers, expecting $41 billion worth of investments over 10 years. Source: State Information Service Egypt