Minister of Housing Sherif El-Sherbiny on Thursday laid the foundation stone for a massive green industrial complex established in the industrial zone of New Alamein City with investments worth EGP 12 billion.

The new complex will be Egypt's first environment friendly industrial complex, spanning 400,000 square meters.

Production in the complex is set to commence in the second quarter of 2025, according to Hazem Gaber, CEO of IETOS, the company that develops the project. Local components within the complex is estimated to range from 60% to 70%.

The complex is expected to provide two thousand direct job opportunities with the first phase encompassing three main factories along with feeder factories, according to IETOS officials.

On his part, Hassanien El-Mamlouk, the General Manager of IETOS stated that the massive investment in the green industrial complex is a crucial step towards industrial technology localization.

Additionally, the complex is expected to attract new investments in industries related to metal equipment manufacturing, El-Mamlouk added.

He noted that IETOS aims for Egypt to become an exportation hub for the Middle East, Africa, and Europe, leveraging trade agreements linking Egypt with these regions, in addition to catering to the local market needs.

The minister affirmed encouraging reliance on local industries by maximizing the use of local components in various products towards achieving complete local manufacturing, in line with the directives of President Abdel Fattah El-Sisi.

He underlined the endeavors to localize technologies and modern industries, noting that the significant urban renaissance witnessed across Egypt in various sectors presents a golden opportunity for the industries in this regard.