Egypt’s General Authority for Investment and Free Zones (GAFI) has approved the establishment of two industrial companies in new Borg Al Arab city, near Alexandria, reported the Cairo-based Middle East Times weekly.
"The first company was founded with licensed capital of E£50 million and issued capital of E£10.5 million, as well as investment costs of E£30 million," GAFI Chairman Mohamed Al Ghamrawi said.
He said the first company aims to set up and operate a factory for advanced building materials and other products related to the construction industry.
The second company aims at establishing and operating a factory for the manufacturing and packaging of foodstuffs, he said -- Albawaba.com
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