Emirates NBD-Egypt Partners with GV Developments to Develop Tarboul Industrial City

Cairo – Egypt, 14 January 2024: Emirates NBD-Egypt has inked a strategic partnership with GV Developments, the developer of Tarboul Industrial City offering financial assistance to small and medium-scale manufacturers, being one of the first banks to partner with GV Developments to develop the city.

Under the agreement, Emirates NBD-Egypt is strengthening Tarboul Industrial City’s development by providing the project’s feasibility study. This initiative is designed to stimulate growth in the ready-made factories industry. Furthermore, the bank is eager to expand its collaboration with GV Developments, not only within Tarboul project but also in other realms.

The initial phase of Tarboul, spanning an impressive 10 million square meters, is currently being developed, with plans to be delivered within the first half of next year.

This agreement is signed within the framework of the ‘Sonaa’ initiative launched previously by GV Developments. The initiative is to garner significant attention in Tarboul as it aligns with the country’s support for the manufacturing sector. This initiative is set to launch over 1000 factories within the coming year, spanning innovative sectors such as engineering and food industries.

Amr El Shafei, CEO and Managing Director of Emirates NBD-Egypt, “This partnership aligns with the bank’s efforts to support small and medium business sectors, particularly within the industrial field. The development of Tarboul City is a key step to enhancing production capacities, generating employment opportunities for young professionals, and reducing the strain on foreign currency reserves by curbing imports.

El Shafei further expressed that the initiative is exceptionally beneficial, reinforcing the Egyptian industry strength and fostering innovation in the sector.

Sherif Hamouda, Chairman of GV Developments, asserts that “Tarboul Industrial City stands as a beacon for future industry, offering a lucrative opportunity for investors across all sectors. The city’s emphasis on smart manufacturing enhanced logistical services, and digital infrastructure grants it a distinctive global standing. Additionally, it houses an ‘Innovation Hub’, designed to nurture entrepreneurs and start-ups, further cementing its unique position in the industrial landscape.”

GV Developments has embarked on a major undertaking with the launch of the ‘Sonaa’ initiative, strategically launched to direct funding towards medium and large manufacturers and attract industrial investors to Tarboul City. This initiative, significant in supporting ready-made factories, provides unique opportunities for both entrepreneurs and established businesses. It serves as an inviting platform for investment in Egypt’s largest industrial city, creating an environment that nurtures growth and encourages innovation.