Oriental Weavers Group has unveiled its 10.5 mn square meter Orientals Industrial City (OIC), with investments worth EGP 13 bn, in Ain Sokhna, Invest-Gate reports.

Mohamed Farid Khamis, managing owner of Orientals for Urban Development (OUD) -a subsidiary of Oriental Weavers Group, said in a press statement on April 23 that his company aims to deliver the first phase of OIC connected with utilities and services by the end of 2019, adding that it is planned to initially attract about 18 industries.

Khamis noted that OIC is an integrated industrial city which includes plants with spaces ranging between 600 and 500,000 square meters, while comprising a four-star hotel, as well as, administrative and residential units.

The project will be developed over five phases within six years, he highlighted, revealing that the group is in talks with four banks to finance 50% of the project, while expecting to reach an agreement within two months.

The managing owner pointed out that OIC’s land is owned by the group’s unit Oriental Industrial Development company, which is also developing the project’s infrastructure. In addition, OUD markets, designs and implements the residential and administrative part of the project.

Khamis expected the sales of the project’s first phase to hit EGP 1 bn, adding that the project will be officially launched in May.

The project’s first phase extends over 1.6 mn square meters, while the second, third, fourth, and fifth phases span across 950,000, 1.4 mn, 1.8 mn, and 1.3 mn square meters, respectively.

“The project offers clients 50% tax exemption over a period of seven years and only 2% of customs tax on equipment and machinery, as well as, customers will have the right to establish customs outlets, moreover, the group will provide partial support for technical training,” Khamis explained.