During its weekly meeting on Wednesday, November 8, 2023, headed by Dr. Mostafa Madbouly, the Council of Ministers approved a decision regarding the establishment of a private free zone under the name “The Italian-Egyptian Company for Sustainable Technological Industries (SIM– TECH)” in cooperation between the National Service Projects Organization, (BSM) Company and Al-Sherif Brand Company. The project will be located on an area of 40,000 square meters in Ain Sokhna – Wadi Hjoul, Suez Governorate.
The private free zone specializes in practicing several activities, including establishing and operating a factory to produce high-quality feldspar, establishing and operating a factory to produce silica-free bio-quartz, and establishing and operating a factory to produce silica-free Laptic slabs.
Under the draft decision, the company is obligated to export no less than 80% of its annual production volume outside the country and use a local component in its products by no less than 90% within a maximum period of three years from the start of operation.