Egypt gets cabinet approval for new private agricultural exports free zone – Egypt Today

Egypt gets cabinet approval for new private agricultural exports free zone – Egypt Today

CAIRO - 29 May 2024: The Egyptian Cabinet has approved a draft decision to establish a new private free zone in Sadat City, Menoufia Governorate. The free zone will be operated by the MAFI Company for Manufacturing Agricultural Crops, an Egyptian joint-stock company.

 

The free zone will be located on a plot of land spanning 154.7 thousand square meters within the industrial zone of the Developers Zone in Sadat City. The project will focus on manufacturing, concentrating, drying, packaging, and freezing a variety of agricultural crops and foodstuffs, with the goal of exporting 100% of the annual production volume abroad.

 

The first phase of the project is targeting an export volume of $200 million, which is expected to double once the second phase is completed. Notably, the project will have a local component of at least 80%, and it aims to employ around 720 workers directly, predominantly Egyptian nationals, as well as an additional three times that number indirectly.

 

With a total investment cost of $180 million, the new free zone is in line with the government's efforts to increase the country's foreign currency earnings from exports. By focusing on value-added agricultural processing and targeting international markets, the project is poised to contribute to