SDM for Development and Management, a subsidiary of Egyptian manufacturing company Elsewedy Electric, has signed the final contract to develop a land in Sadat City, Invest-Gate reports.

The 1.4 mn sqm land will be developed with total investments of EGP 266 mn in accordance with a programme plan by the Industrial Development Authority (IDA), according to a bourse statement.

SDM has earlier submitted an offer for IDA as part of a tender launched for the development of industrial areas in Al Sadat City and won the bid in January.

SDM Company for Development and Management is specialized in developing industrial areas.

Elsewedy Electric  is a public company, listed on Egyptian Exchange (EGX) since May 2006. Elsewedy Electric operates within the Capital Goods sector focusing on Electrical Components and Equipment.