CAIRO: In a few years, the governorate of Helwan will be home to the world’s largest open zoo, a medical park, a commercial center and a Trader City for merchants operating in the informal sector.
The series of projects launched Sunday in Helwan are meant to serve as a model for internal trade development nationwide, officials said at a press conference.
Dubbed the Trade and Services Zone, it will be the first and biggest zone of its kind in Egypt, the ministry said.
Projects within the Trade and Services Zone, which will span 5,000 feddans, are expected to reach LE 25 billion worth of investments by the year 2013.
Memoranda of understanding for four projects were signed during the event, at which five initial projects out of a planned 15 were announced.
The announced projects to be built in Helwan governorate include Trade City, Degla Safari Park, Helwan International Medical Park, Avenues Egypt and a trade and warehousing development.
The project is being undertaken by the governorate of Helwan in partnership with the Ministry of Trade and Industry and international and local investment partners.
Helwan Governor Hazem Al-Quweidi explained that, under the agreement, the governorate will be responsible for logistical and infrastructure development in the city of Helwan and surrounding areas in return for investment and equity.
Plans to improve Helwan’s infrastructure include a new bridge connecting Saqqara to the Suez Road, which will allow travelers to access the North Coast directly without entering Cairo.
In his address, Al-Quweidi expressed hope that the project would create jobs and improve prosperity in the governorate, which was a center of commerce in the past.
The project comes as the first step in the Ministry of Trade and Industry’s five-year plan to improve internal trade in Egypt.
Sahar El-Sallab, assistant minister for internal trade development and investment, explained that though only 11 percent of Egypt’s GDP is currently derived from internal trade, the ministry hopes this will expand dramatically in the coming five years.
The the rate of growth of internal trade is expected to increase from 4 percent in 2009 to 8 percent by 2013, the ministry said.
“The goal of the ministry is to undertake projects that improve industry and create jobs; the projects launched today are a step in the right direction to achieving that goal, she said.
The ministry established a separate body, the Internal Trade Development Authority, in late 2008 to oversee internal trade development projects in several of Egypt’s governorates, and has recently launched a land bank initiative to provide real estate for internal trade development projects.
Speaking on behalf of the Minister of Investment, GAFI Chairman Assem Ragab, spoke about the positive opportunities for growth and investment in the MENA region despite the financial crisis.
“There is genuine international interest in investing in Egypt due to healthy economic growth rates and the land and expertise available here. We hope to make the Helwan projects a model for internal trade development in other governorates, he said.
Ali Moussa, chairman of the Cairo Chamber of Commerce, introduced the concept for Trader City, a new development that will provide a unified location with infrastructure for Cairo’s informal markets.
The project, which will host shop space for 200,000 merchants and with investments expected to reach LE 15 billion, is a joint venture between the Ministry of Trade and Industry, the governorate of Helwan, the Egyptian Company for Markets Development and several international specialist partners.
Moussa emphasized that the new city would benefit merchants by helping them streamline and formalize their business practices in a commercial environment supported by infrastructure.
“Trade City will provide a healthy commercial environment to help increase competition and quality and enhance services for consumers, he said.
Helwan International Medical Park was introduced by Walaa Bakry, the managing director of ISL, a lead company on the project.
Bakry emphasized Helwan’s history as a leading medical destination and expressed hope that the project would help restore the city’s image as a center of medial expertise.
When completed, the project will include 12 hospitals along with wellness and leisure facilities, education and research zones, retirement housing, conference facilities and office space for medical companies.
Other announced projects included Avenues Egypt, an LE 10 billion commercial developed by the Alshaya Group.
“Avenues Egypt will be a completely new retail experience in Egypt and will be at the heart of a new city in Helwan, said Benjyamin Salamah, general manager of Alshaya Egypt.
Degla Safari Park, an 800-feddan development in Wadi Degla that will be the world’s largest open zoo, and a warehousing project to include showrooms, office towers and warehousing space developed by the Ahly Real Estate Development company.
Development of the announced projects will begin immediately, with varying target completion dates for each.
