Egyptian cable maker El Sewedy Electric’s industrial development unit has inked an EGP 10 bn agreement with the General Authority for Suez Canal Economic Zone (SCZone) to develop a land area in Ain Sohkna, Invest-Gate reports.

Under the deal, El Sewedy’s unit will develop and promote a 10-kilometer land plot on a usufruct basis and will be implemented at a total cost of EGP 10 bn over ten years, a company’s bourse filing revealed on December 8.

According to the filing, the agreement also seeks to establish an integrated industrial zone with comprehensive services and utilities, alongside promoting it locally and globally, in a bid to attract local and foreign investments to Egypt.

The contract was signed on the sidelines of the Africa 2018 Forum, which was held in Sharm El- Sheikh from December 8 to 9.