Sherif El Sherbini, Minister of Housing, Utilities, and Urban Communities, has laid the foundation stone for the Green Industrial Complex situated within the industrial zone of New Alamein City, Invest-Gate reports.

This pioneering undertaking represents Egypt’s first eco-friendly industrial complex, spanning an area of 400,000 m2, and is being spearheaded by the Integrated Environmental Technology and Oil Services Company (IETOS).

The ceremony was attended by Amin Ghoneim, Vice President of the New Urban Communities Authority (NUCA) for the Development and Urban Development Sector, and Ahmed Ibrahim, Head of the New Alamein City Authority.

El Sherbini emphasized the importance of promoting local industries by maximizing the utilization of domestic components in various products, aligning with President Abdelfattah El Sisi’s directives. He highlighted ongoing efforts to domesticate technologies and modern industries, recognizing the current urban renaissance unfolding across Egypt as a prime opportunity for industrial growth.

Hazem Gaber, Chairman of IETOS, outlined that the initial phase of the complex incorporates three primary factories along with supporting facilities. The total investment outlay for the complex stands at EGP 12 bn, creating 2,000 direct employment opportunities. Commercial operations are slated to commence in the second quarter of 2025, with local components accounting for 60% to 70% of production.

Hassanien El-Mamlouk, General Manager of IETOS, emphasized that the substantial investment in the green industrial complex marks a pivotal stride towards localizing industrial technologies. El-Mamlouk further highlighted the complex’s potential to attract fresh investments in industries pertaining to metal equipment manufacturing.

He underscored IETOS’s vision for Egypt to evolve into a prominent hub for exports serving the Middle East, Africa, and Europe, leveraging existing trade agreements binding Egypt with these regions while also meeting domestic market demands.