Egyptian Ministry of Supply and Internal Trade, represented by the Internal Trade Development Authority (ITDA), has signed eight partnership contracts with private investors and developers to establish logistics and commercial hubs in eight different provinces, Invest-Gate reports.
Under the deals, which were signed in the presence of Minister of Investment and International Cooperation Sahar Nasr and Minister of Supply and Internal Trade Ali Meselhy, the new hubs will be developed in Sharqia, Monufia, Gharbia, Beheira, Luxor, Qena, Fayoum, and New Obour City, according to an official statement on July 7.
In its statement, Meselhy confirmed that the new developments are set to be established with investments valued at EGP 23 bn, which would essentially help in the provision of about 200,000 direct and indirect job opportunities.
In Sharqia, a 9,614-square-meter plot was directed to SMH Real Estate Investments to develop and operate a commercial logistics area, including a commercial mall, a medical complex, a multi-story garage, a condotel. Meanwhile, United Company for Trade and Distribution was awarded the construction of two logistics zones in Luxor and Fayoum, with areas of 10,000 and 20,000 square meters, respectively.
Additionally, a parcel of about 107,000 square meters in Beheira was put forward to the newly-established trade investment and development firm MWS to develop a logistics zone that will encompass a hypermarket, an aqua park, a hotel complex, a hospital, as well as, entertainment and sports fields, shopping malls, car showrooms, a maintenance center, amongst others.
As for Fayoum, a 54,600-square-meter plot was allocated to Stone for Construction and Real Estate Development for the establishment of a logistics area that will consist of top commercial and service divisions, alongside a hotel. Furthermore, Marakez for Real Estate Investment, a subsidiary of Saudi Arabia’s Fawaz Alhokair Group, has acquired a 47-acre tract in Mansoura to build the city’s first regional internationally-modeled shopping complex, dubbed “Mall of Mansoura.”
On his part, First Assistant Minister of Supply and Internal Trade and Head of ITDA Ibrahim Ashmawy stressed that the authority has put forth significant investment options and construction tenders to a group of local and international investors and developers. Correspondingly, more than 20 firms have shown interest in these opportunities and took part in the bids. For the first time, the authority will soon ink partnership deals with private companies to manage a few government outlets, attempting to develop these premises and enhance their efficiency, and thus, provide better services to all consumers.
During the current fiscal year, ITDA will introduce another round of land offerings across the remaining governorates to cover as many of the country’s provinces as possible, using distinct trade models to suit the nature of each area, including its consumption patterns, average per capita income, purchasing power, and population density, the official pointed out.
Back in March, ITDA announced the very first land offering since its inception, awarding contracts to some Egyptian and foreign investors to develop six logistics and commercial zones in six different governorates, as part of the state’s wider trade development program.