Cairo – Mubasher: Egypt’s Industrial Development Authority (IDA) and the Saudi Authority for Industrial Cities and Technology Zones (MODON) have agreed to sign a memorandum of understanding (MoU) over the coming period to exchange experiences in operating and managing industrial cities.
The two authorities will also form a joint working group to discuss the possible mutual investments in industrial projects, the Middle East News Agency (MENA) reported, citing the IDA's chairman.
Egypt and Saudi Arabia mull investments in a slew of sectors including food, petrochemicals, engineering, tanning leather, pharmaceuticals, cotton, and textile industry, ready-made garments, mining, energy, and logistics services, Ahmed Abdel Razek said.
The Egyptian official further noted that this deal aims to encourage investments in the two Arab countries in all sector.
