New companies to be established in Egypt
The Egyptian Minister of Industry and Technology Development, Mustapha Al-Rei, was recently quoted in Al-Ahram, stating that the Egyptian cabinet has recently approved the initial stages of establishment of a new technology development company by EP 1.5 capital. The new enterprise will set up specialized subsidiaries in the area of technology development and management, engineering and technology centers.
In addition, the local cabinet approved the initial stages of a new machinery designing and manufacturing company by EP 400 million capital. This new company will provide the equipment and machinery needed by local projects and facilities. Consequently, the establishment costs of local industrial projects will decline, as this machinery is currently imported from abroad and paid for in various currencies. –(Albawaba-MEBG)