The Industrial Development Authority (IDA) has signed an deal with Saudi Arabia’s Construction Products Holding Company (CPC) on Thursday to develop an industrial zone in Sadat City for EGP900mn (USD51mn), according to the State Information Service. On the one hand, the contract terms state that CPC is to establish the main infrastructure for the project and handle the marketing and allocation of land to investors under IDA’s supervision. On the other hand, IDA will also sign off on contracts with investors, according to deputy head Magdy Ghazy. The project is expected to draw in EGP2bn (USD114mn) worth of new businesses and 20% of available spaces will be earmarked for SMEs.