The Egyptian Cabinet approved a project proposed to establish a special free zone, MAFI Company for Agricultural Produce Manufacturing, an Egyptian joint-stock company, as per a cabinet statement on Wednesday. The newly-established company spans an area of 154.7 thousand square meters, in the industrial zone in Sadat City, Menoufia Governorate. The company specialises in the manufacturing, concentration, drying, packaging, and freezing of all agricultural products and foodstuffs. The company's objective is to export 100 per cent of its annual production, aligning with the state's goal of boosting foreign exchange inflows. In the first phase, the targeted export volume is $200 million, with expectations of doubling upon completion of the second phase. The local component is expected to reach 80 per cent. The project will create 720 direct job opportunities, and three folds indirectly. The investment cost of the project amounts to $180 million.
