A Qatar-based conglomerate yesterday (29 May) signed an agreement to set up Egypt's largest industrial zone, specialising in four sectors including textiles and garments.

The zone will be located at Borg el Arab on the Mediterranean coast and is being funded by Qatari Diar Real Estate Investment & Development Company.

Qatari Diar hopes to attract around $2.8bn worth of investment in the zone, which will provide up to 133,000 jobs and also specialise in food processing, petrochemicals and engineering products.

Over half the zone's output will be shipped to the US, Europe, the Middle East and Africa.