The zone will be dedicated to a combination of tech, agriculture and agri-food projects, among others.
The Egyptian cabinet has approved the establishment of a 187 fedan free-zone south of New Aswan City, as reported by Egypt Today. The project is predicted to attract $2.3 billion in private sector investment, and is said will create 15,000 jobs, according to a statement by the cabinet.
The free zone is is set to lure local and foreign investments, and would be dedicated to a combination of tech, agriculture and agri-food projects, as well as many more investment projects that include processing, drying, and packing of agricultural yields.
The news comes just a few short months after it was announced that a free economic zone is to be established in Nuweiba as part of a huge infrastructure redevelopment project in Sinai.
Main image: Tour Club Egypt