The Egyptian government has agreed to build a $7 billion industrial complex with the help of a group made up of Shard Capital Partners from the UK, Royal Strategic Partners from the UAE, and Al-Qahtani Group from Saudi Arabia. Shard Capital Partners made the statement. They are the lead firm in the alliance and have a framework agreement with Egypt’s Ministry of Petroleum and Ministry of Investment.

The proposed integrated complex will be in New Alamein City’s industrial zone. It will be able to produce 3.1 million tonnes of goods every year, which is a lot. It will make eight different types of specific petrochemicals. About twenty thousand jobs will be created during the building phase of the project, and another three thousand permanent jobs will be available once the facility is up and running.

A refinery for processing crude oil and a mixed steam cracker unit will be part of the complex. The consortium is also having preliminary talks with Orascom Construction to look into possible investment options in the building and running of the complex through a Build, Own, and Operate (BOO) model.