An Egyptian company will be established with an authorized capital of 10 billion pounds for the development of North Sinai, Head of Sinai Development Authority Shawqi Rashwan said on Wednesday.

The company will be based in El Arish city in North Sinai, Rashwan added at a press conference.

The new company will be chaired by Hassan Fahmy, the former head of the General Authority for Investment and Free Zones (GAFI), he said.

The company will be tasked with establishing and implementing projects in the industrial, agricultural, tourist and service fields, he added.