Saudi Construction Products Holding Company (CPC) has signed a memorandum of understanding (MoU) with the newly-launched Ayadi Company for Development and Investment to build five industrial cities for SMEs (small and medium enterprises) at a cost of $500 million.

The agreement comes under the Egyptian government’s support towards SMEs in the country's private sector.

The MoU was signed during Egypt Economic Development Conference (EEDC) held recently in Sharm El Sheikh, by Mu'taz Sawwaf, vice chairman of Construction Products Company (CPC) and Majdi Saleh, chairman of Ayadi, in the presence of Ashraf Ghazal, CEO of Ayadi, Riad Kiwan, CPC International chief operating officer, Joe Kawkabani, general manager of CPC – Egypt for Industrial Development Mohamed Elyafi and Abdulqader Azhari.

On the sidelines of EEDC, Sawwaf commented on the MoU: "The company’s investment in private SMEs industrial zones is an important step towards the implementation of the company's strategy in this regard aimed at international expansion.”

CPC provides construction materials through its owns industrial parks in Saudi Arabia, Qatar, UAE, Syria, Egypt and more than 50 factories for precast, glass and aluminium, steel, readymix concrete, electric cables, wood and gypsum works and marble and granite, among others for the building industry. – TradeArabia News Service