Hazem Gaber, chairman and CEO of Integrated Environmental Technologies and Oil Services (IETOS), said Egypt plans to invest EGP 12 billion in constructing its first green industrial complex in the New Alamein industrial zone.
Gaber made this significant statement during a meeting attended by Minister of Housing, Utilities, and Urban Communities Sherif El-Sherbiny; Deputy Chairman of the New Urban Communities Authority Amin Ghoneim; Head of New Alamein City Authority Ahmed Ibrahim; and General Manager of IETOS, Hassanien ElMamlouk. At the meeting, he outlined the plans for the initial phase of the complex, which involves establishing three primary factories and other supporting facilities.
The complex is anticipated to cover an area of 400,000 square meters and create approximately 2,000 direct employment opportunities. He emphasized that production is scheduled to commence in the second quarter of 2025, with a local component accounting for 60-70 percent.
ElMamlouk also highlighted the company’s intent to establish a research center to facilitate local product development within Egypt rather than solely relying on technology transfer from overseas.
As a strategic objective, IETOS aims to position Egypt as a hub for exporting its products to the Middle East, Africa, and Europe. Moreover, he pointed out that investing in Egypt aligns with the company’s strategy to leverage government-provided investment incentives. Furthermore, El-Sherbiny underscored the housing ministry’s support for and encouragement of local industry reliance and maximizing the local component in various products to achieve comprehensive local manufacturing, in line with the government’s plan to localize industry and transition to a low-carbon economy with a strong focus on environmental sustainability. In August, Egypt unveiled its national low-carbon hydrogen strategy.
