Chinese development group TEDA Investment Group has signed an official contract for the first stage of a 6km square industrial development in the Northwest Gulf of Suez zone.
Wei Jianqing, CEO of TEDA Group, said the company will immediately start work on the infrastructure of the first stage, estimated at 2km square.
The master plans for the project include an industrial park, boasting both manufacturing activities and entertainment services, including an amusement park, a hotel, restaurants, and cafes.
The planned project will create about 40,000 job opportunities, invest $223m in infrastructure, and attract 200 factories to invest around $4bn, according to a company statement.
“TEDA already finished construction works and the marketing of the 1.3km square project. It is considered the first one for TEDA in Egypt. We already finished registration as a special economic zone and 100% of our company capital is already here. We already finished the master plan,” Jianqing told Daily News Egypt.
The project was supposed to start in 2013, but the company had differences with then-government about the price of gas and electricity. Afterwards, they refused to deliver the land because of the increased taxes of 22.5 %, according to amendment No 83 of 2002 of the Special Economic Zones Law.
“The company has no problem with the size of taxes and we accepted the rules of the amendments,” Jianqing said.
