UNHCR adopts member states recommendations on Egypt's report on state of human rights    Children are nearing slavery due to digital development: Al-Azhar grand imam    Egypt's Sisi, Germany's Merkel discuss end to conflict in Libya, bilateral cooperation    Venice flooded again 3 days after devastation in a near-record high tide    1 killed, 40 wounded in renewed clashes between protesters and security forces in Baghdad    Brazil face Mexico in U17 World Cup final    Chinese FA accepts coach Lippi's resignation    Frankfurt lose appeal against fan ban for Arsenal match    Al-Azhar grand imam arrives in Rome to attend summit promoting child dignity    Egypt issues $2 bln dollar-denominated bonds in three tranches    Egypt to launch $600 million Africa export credit guarantee firm – c.bank    Big production Mamalek El-Nar to scan Ottomans' history on Saudi MBC    Bridging East and West: Egyptian musicians Abdallah Abozekry and Ali Baghdady in Paris concerts    UAE, Egypt launch $20 billion joint investment fund    Egypt's textiles salvage plan reveals backing for state sector    Six people killed, 16 injured in fuel pipeline explosion in Behaira    Volume of non-oil trade exchange between Egypt, UAE reached 24.5 billion dollars within 5 years: UAE economy minister    Most Gulf stocks fall; Emirates NBD leads Dubai higher    Despite ‘wonderful' meeting, Trump and Erdogan fail to resolve conflicts    Morales' shadow looms large in Bolivia as clashes test new leader    Facebook says it removed 3.2B fake accounts in 6 months    Liverpool's forward Salah out of Egypt games with ankle problem    GERD: An ‘adaptive' agreement    A film is born    Egypt MPs meet with EU diplomats in Cairo to discuss human rights criticisms    10 tips to have your 30s starting a lifelong success    Nike to investigate its Oregon Project following Mary Cain's NYT op-ed    ‘Shining' sequel ‘Doctor Sleep' targets $25 mln opening, has Stephen King's blessing    Sisi: Egypt believes in comprehensive approach to human rights    UK University of Hertfordshire to open campus in Egypt new capital    Egypt's bourse, banks to close Sunday to mark Prophet Muhammad's birth    Egypt rejects politicised reports on human rights conditions – parliament    Egypt to vote on 3-month extension of state of emergency Monday    Jurgen Klopp gives injury update on Egypt's Mohamed Salah    Al Pacino says follows this mantra on every acting job    Remembering Mustafa Mahmoud, philosopher of his time    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Athletic investment
Published in Al-Ahram Weekly on 26 - 04 - 2016

A sporting industries city is to be established, at a preliminary cost of LE5 billion to LE10 billion, in the Suez Canal Special Economic Zone (SCZone).
The project will be implemented under an economic regime that permits the tax-free importation of raw materials to produce goods for export to Arab and African states and to meet the needs of the Egyptian market.
The city will support 1,260 athletic activities catering to 1,200 athletic clubs and 4,200 youth centres across Egypt, as well as facilities and clubs connected to the Armed Forces, the police, Al-Azhar, and the ministries of education and higher education.
Essam Mohamed Abdullah, a professor of business management at Misr University for Science and Technology and a former deputy minister for youth and sport, is behind the sporting industries project.
He said he will soon meet with Ahmed Darwish, head of the SCZone and the governorate of Ismailiya, along with a representative from a Taiwanese company that manufactures sporting goods, to finalise plans for the project, which will produce sporting goods to international specifications.
After receiving approval for the project from the Ministry of Youth and Sport, he presented the project to Darwish, who in turn put the idea to the country's political leadership.
Abdullah said that the matter has been discussed at the highest level, and the government has been persuaded to support the project, which will create thousands of new jobs.
The new city will work to attract investors from Arab states, offering them investment incentives, he said. This would allow the project to produce sporting goods for the Egyptian, Arab and African markets at competitive prices.
The project would put Egypt on the path to sporting goods production for the Arab and African markets and would employ more than 20,000 people, Abdullah said. Once the project is up and running, there are hopes it will export up to $10 million worth of goods annually to the Arab market.
Five technical schools will be established to train workers to manufacture sporting goods, and a bank will be set up to finance small sporting goods businesses. The project is also expected to invigorate intra-Arab and African trade.
Abdullah believes various stakeholders need to play a role to help complete the project. Land can be made available for investors from Egypt and abroad, he said, and various ministries will be involved in marketing the goods produced, facilitating the entry of necessary foreign labour, expertise and raw materials and marketing the products in state-owned outlets to government sporting clubs and youth centres.
Legislation would need to be passed to permit the purchase of Egyptian high-quality products that meet international specifications by private and government athletic facilities, Abdullah added.

Clic here to read the story from its source.