Egyptian free zone projects a great success
Egypt, Business, 6/15/1998

The Investment and Free Zone organization in Egypt is examining, in cooperation with Port Said governorate, the establishment of a $17.5 million French - Egyptian project in the province's free zone for producing raw cement, known as Kilnker, which is essential for industry.

The head of the organization, Ibrahim Fawzi, said that there are 491 investment companies in Port Said due to the investment law, with capital valued by LE 2.6 billion ($764.4 million) and investment cost is LE 5 billion.

Fawzi added that among these companies there are about 111 companies that began activities with a capital of LE 2 billion, and an investment cost of LE 3.7 billion, pointing out that there are 380 companies coming on board, with capital of LE 721 million and investments worth LE 1.3 billion.

Fawzi said that non-Arab (foreign) portion of the investment in these established companies inside Egypt during the first five months of the current year increased at the rate of 262% compared to the companies established in the same period of last year. This has been a continuing trend over the last several years, where the total of these contributions was LE 263 million in 1994, increased to LE 372 million in 1995, LE 738 million in 1996 and increased in 1997 to LE 1.5 billion.

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