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Sunday, 3 July 2016

Damietta Furniture City Company founded with EGP 5 bn capital

The General Authority for Investment and Free Zones established the Damietta Furniture City Company with a capital of EGP 5 bn and an issued capital of EGP 521 mn, Damietta Governor Ismail Abdel-Hameed Taha said, Al Shorouk reported. The governorate will own 40% of the company’s shares (the land value), the Arab Investment Bank 40%, Ayadi Company for Development and Investment 15%, and the Trade and Industry Ministry’s General Authority for the Execution of Manufacturing and Mining projects 5%. A press conference will be held on Monday to announce the details of the project. The cabinet had approved the land value for Furniture City last month.

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