Australian consortium seeks investments in Egypt's logistic grain hub

An Australian consortium comprising 16 companies offered on Thursday to invest in the 13.1-billion-pound logistic hub for grains Egypt plans to set up in Dameitta.
The offer was made during Supply Minister Khaled Hanafi's meeting with chairman of the consortium Rafiq Najar and the executive director of the consortium.
Egypt's project involves building high-tech storage silos, two new platforms capable of receiving large cargoes in the Damietta marine port and five manufacturing areas.
The project, which will be built on 3,350 square kilometres Damietta, is expected to trade up to 65 million tons annually of grain and basic food commodities.
The minister also talked in the meeting about the other project the ministry plans to float during Egypt Economic Development Conference tomorrow, which is setting up a 40-billion-pound city for trade and marketing near the Suez Canal Corridor.
The city, to cover 4.2 million square meters area to increase to 16 million, will provide 500,000 jobs and will include a spa, shops selling brands, maquette for famous world districts, marina, residential areas and investment hubs.