The East Port Said Development company signed two agreements yesterday worth a combined EUR70mn with local subsidiaries of Germany’s Business Avenue Group (BAG), according to a Suez Canal Economic Zone statement. The first agreement will see BAG begin in November developing a EUR55mn plant at the East Port Said industrial zone to manufacture state-of-the-art irrigation systems that conserve water and limit waste. Under the second agreement, Gerda Egypt — a joint venture between BAG and Polish security systems maker Gerda — will establish a EUR15mn plant that will manufacture reinforced steel doors and locks. Egypt had signed MOUs with BAG last year to develop five factories in the industrial zone, where the company also intends to manufacture tractors and buses.