Egypt is currently reviewing technical studies for an industrial zone in the Faiyum area of Egypt, according to local news reports, which have quoted minister of trade and industry, Tarek Qabil.

Local newswire Amwal al-Ghad reported a meeting taking place between Qabil and members of Egyptian Union for Investors Associations, where plans for the the 33 million square metre industrial zone scheme was discussed.

Qabil said that three local and foreign firms are currently creating project designs to be submitted to the ministry soon.

Further to this, speaking at a press conference in Cairo on 2 July, Qabil said that infrastructure projects will be implemented over the next two years in order to improve the industrial zones in the Qena and Sohag areas in Upper Egypt.

This plan is under the Local Development for Upper Egypt Governorates Programme, which is being supported by World Bank funds of up to $500m.The programme will also be implemented in partnership with the local Industrial Modernisation Centre (IMC).

Cairo has been keen on pressing ahead with large industrial schemes in a bid to diversify its economy. The Suez Canal Economic Zone (SCZone) stands out as the most major project proposed by the government.

Despite little progress in drumming up investment to date, Egypt is planning to develop a master industrial and logistics zone surrounding the main ports of the Suez Canal. The government has already approved the laws establishing the General Authority of the Economic Zone of the Suez Canal (GAESC), changing the area into an economic authority, allowing the SCZone to act as a single window able to deal with investors directly.