Cabinet approves €70M YADA EGYPT furniture manufacturing zone in New Alamein

Updated 10/31/2024 7:42:00 AM

Arab Finance: The Egyptian cabinet has approved the establishment of a new private free zone for YADA EGYPT in New Alamein City with €70 million in investment, marking a major investment in the country’s furniture manufacturing sector, as per a statement.

The project, which will operate under the private free zone system, covers an area of over 208,000 square meters and is expected to generate 1,320 job opportunities, contributing to the city’s industrial development and Egypt's export goals.

YADA EGYPT is set to produce 40 million furniture pieces annually.

Notably, the company plans to export 100% of its output, with a significant portion of its manufacturing materials sourced locally—an anticipated 40-80% of components will be locally produced.

In addition, the cabinet granted a golden license to Nuts for Agricultural Investment, enabling it to establish a processing facility for peanuts, nuts, and nut pastes, as well as a station for grading and packaging agricultural products.

Situated on 136,000 square meters in the industrial area of the 10th of Ramadan City, this EGP 1.4 billion project aims to generate 4,000 jobs and export at least 80% of its output.

Another approved project includes Draschem for Specialized Chemicals, set to establish a plant in the Sidi Kerir Petrochemicals Complex to produce sodium cyanide, a critical input for the mining sector.

With an investment of $158.6 million, the facility is expected to produce 50,000 to 55,000 cubic meters annually in its first phase, with plans to double production in the future.

The project will make Egypt the first country in the Middle East to manufacture this advanced chemical domestically, creating 500 jobs and supporting the regional mining industry.

Furthermore, the cabinet approved the launch of the Universal Health Insurance system in Suez Governorate as of December 1st.

This expansion is part of the government’s phased plan to extend healthcare coverage, with similar systems already in place in the governorates of Port Said, Luxor, Ismailia, and South Sinai.

To ensure financial sustainability, beneficiaries who have not paid their health insurance premiums will see a suspension of non-emergency services six months after the program’s initiation.