Orascom Construction and Al Ahly Capital to build West Cairo industrial park
Orascom Construction + Al Ahly Capital partner on new industrial park: Orascom Construction (OC) subsidiary Suez Industrial Development Company (SIDC) signed an agreement with Al Ahly Capital Holding — the investment arm of the National Bank of Egypt — to build an industrial park in West Cairo’s Abu Rawash, according to a statement (pdf) yesterday.
Who’s doing what? Al Ahly Capital will own 75% of the joint venture set up to build the project, while SIDC will own 25% and be the park’s lead developer and operator, Omar Bebars, the CEO of OC’s building materials division, told Enterprise. Bebars declined to disclose the cost of the project.
About the park: The industrial park will be home to companies working in logistics, light industries, and MSMEs, according to the press release. “I believe there will be a lot of logistics companies due to the industrial park’s location, which connects several areas together,” Bebars said. The project could in part be powered by renewable energy, and the companies will discuss green targets with the Electricity Ministry, he added.
Where plans stand: The companies are currently at the engineering and design stage and are developing the masterplan for the project, which should take 3-4 months, Bebars said. The entire project could take up to eight years to be fully completed, Bebars said.
ADVISORS: Our friends at ALC Alieldean Weshahy & Partners advised Al Ahly Capital, while Baker McKenzie advised SIDC.