Cairo – Mubasher: The board of the General Authority for Investment and Free Zones (GAFI) has approved the establishment, development, and promotion of an industrial zone as part of the Damietta Furniture City project, said Egypt’s minister of investment and international cooperation Sahar Nasr.
Speaking on the sidelines of the GAFI’s board meeting on Saturday, the minister stated that the new investment zone is set to be an integrated and specialised city in the field of furniture manufacturing.
The zone will also focus on a number of crafts and small- and medium-sized enterprises (SMEs) among other industries, the minister said in a statement.
The new zone houses a hotel, a conference centre, and a commercial specialised in furniture, in addition to exhibits, commercial shops, a hospital, training academy, and service and community centres, Nasr revealed.
The new free zone will contribute to adding over 25,000 direct jobs and 30,000 indirect ones, the minister of investment and international cooperation added.
In April, the chairman of state-owned Ayadi Company for Development and Investment Osama Saleh told Mubasher that the value of investments in the Damietta Furniture City reached EGP 4 billion, noting that his company hopes that operations will begin in the city by the end of the first quarter of 2018.
