700 firms sign contracts to purchase lands of El Reef El Masry — Official

CAIRO – 7 May 2019: Ater Hanoura, the board chairman of the Egyptian Countryside Development Company, “El Reef El Masry”, said Tuesday that 700 small and medium-sized firms had sealed deals to purchase portions of lands as part of the 1.5-million-feddan project.

Hanoura put the average capital paid by each of those newly-established companies at 2 million pounds.

This brings to 1.4 billion the average capital paid by all the firms, he noted.

Hanoura was pleased with the level of cooperation between El Reef El Masry and the Investment Ministry, pointing out that one of the government service windows at the General Authority for Investment and Free Zones (GAFI) is mainly concerned with finalizing contracts between young farmers and his company.

El Reef El Masry is keen on easing measures for young investors as part of a general state strategy meant to encourage the private sector’s contribution to national projects, he averred.

The 1.5-million-feddan project’s goal is to develop, reclaim and cultivate lands in the Western Desert and Sinai and to create new communities in these areas.