Saudi Arabia's Construction Products Holding Company (CPC), a building-materials provider, says it has signed an MoU to build five industrial cities for small and medium-sized enterprises (SMEs) in Egypt at a cost of $500 million.
The preliminary agreement was signed with the Ayadi Company for Development and Investment at the recent Egypt Economic Development Conference in Sharm El Sheikh.
CPC’s “investment in private SMEs industrial zones is an important step towards the implementation of the company's strategy in this regard aimed at international expansion,” said Mu'taz Sawwaf, vice chairman of the firm.
The Jeddah-based CPC has branches in Saudi Arabia, Qatar, UAE, Syria, Egypt and India. Its subsidiaries supply a range of construction materials including steel, glass, aluminum, marble, and ready mix concrete, alongside offering services like construction equipment rental.