afrol News, 2 February - Egypt's Industrial Development Authority (IDA) has announced that it was tendering 42 million square meters of land for the development of industrial projects, the state news agency MENA has reported.

Minister of Trade and Industry Rachid Mohamed Rachid said the tender is open to private and state investors, both international and Egyptian.

MENA said of the land, 8 million square meters are slated for development in Tenth of Ramadan City northeast of Cairo, 9 million in Sadat City northwest of Cairo and 7 million in Borg el-Arab near Alexandria, MENA cited IDA Chairman Amr Assal as saying.

According to MENA, the industrial projects are expected to attract total investments worth up to 85 billion Egyptian pounds, further stating no timeframe has been given for the tender.

Meanwhile, Egypt's Oil Minister Sameh Fahmy has given the nod to two agreements between US independent Apache and state-run player Egyptian General Petroleum Corporation, covering exploration in the Western Desert.

The deals involve investment of at least $55 million. Under the agreement, Houston-based Apache will drill 13 wells, a statement released by the oil ministry said.

Apache has invested $8 billion in Egypt over a period of 15 years.

By staff writer

© afrol News

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