Egypt’s Orientals for Industrial Projects has revealed plans to complete the development of phase I of OIC, the newest integrated industrial city in Red Sea’s Ain Sokhna, by April 2021, Invest-Gate reports.
Developed over 10 mn square meters in a premium location at the heart of the Economic Zone of Ain Sokhna, with phase I extending over 2 mn square meters, OIC encompasses more than 800 factories in various fields such as engineering, chemical, spinning, weaving, and medical, with a labor capacity of 25,000 workers, according to the company’s recent press statement.
Additionally, the company provides all day-to-day services and activities on-site such as restaurants, cafes, pharmacies, a medical center, as well as several residential units. “Residential and hotel accommodation is to ensure full subsistence for workers and factory owners,” Sameh Attia, the company’s managing director, noted, underlining that negotiations are currently underway with major banks to open branches in OIC.
Almost 20% of OIC is dedicated to roads, whereas 5% to green areas and another 5% to various services. Investors, who obtain land according to the recent incentives provided by the state, “get a tax exemption amounting to half the cost of investments for up to seven years and a half,” Attia highlighted.
He also pointed out that Orientals for Industrial Projects has recently added new expertise and caliber to its board of directors to promote and attract major local and foreign industrial brands, according to its specific plan, which includes all four phases of OIC.
The past period witnessed the signing of 15 contracts with major companies, while more agreements with other local and foreign brands are under negotiation, Attia added.
“[Orientals for Industrial Projects] is one of the pioneers of industrial development in Egypt and has developed integrated industrial projects such as OWI and OIP,” the managing director was quoted as saying.
In late 2018, Orientals for Industrial Projects had rolled out OIC on the Red Sea coast, catering to both small and medium enterprises (SMEs) and heavy industries.