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Egypt: the new Suez Canal zone making up 30-35 of Egypt’s economy

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Egypt: the new Suez Canal zone making up 30-35 of Egypt’s economy

Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt’s economy, said the Investment Minister Ashraf Salman during a recent news conference.
According to the Suez Canal Authority Chairman Mohab Mamish, Egypt’s Suez Canal development project will allow “most types of ships” to pass through;  besides, during a speech at Egypt’s Economic Development Conference, Mamish said when the project is complete, revenues from the Suez canal will multiply. The project will include developing the canal area, building infrastructure and building a “comprehensive commercial city.” This will allow for the creation of more than 1 million jobs. In order to manage and coordinate the activities related to the development of the Canal, an international industrial and logistics centre will be created. It will stretch across the three governorates of Port Said, Ismailia, and Suez and include six sea ports.

The project will include three economic zones covering an area of 500 square kilometres as follows:

The East Port Said zone which will house a transshipment port and an industrial area of 40 square kilometres for light and medium industries. Crucially, it will include the new East Suez Port, the first phase of which has been completed.

The Qantara zone which will house food industries because of its proximity to agricultural land, SMEs, textiles industry, and housing and real estate.

The Ain Al-Sokhna zone which encompasses 80 square kilometres in north west Suez, and include a port which will act as Egypt’s gate to the GCC, connecting the Gulf with Africa and Asia. It will also include medium and heavy industries.

Egypt will establish an authority to oversee the Suez Canal Zone on behalf of the state, to be regulated by the recently amended law for special economic zones.

Source: ahram.org.eg

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Egypt expects a planned economic zone near the Suez Canal to eventually make up about a third of Egypt’s economy, said the Investment Minister Ashraf Salman during a recent news conference.
According to the Suez Canal Authority Chairman Mohab Mamish, Egypt’s Suez Canal development project will allow “most types of ships” to pass through;  besides, during a speech at Egypt’s Economic Development Conference, Mamish said when the project is complete, revenues from the Suez canal will multiply. The project will include developing the canal area, building infrastructure and building a “comprehensive commercial city.” This will allow for the creation of more than 1 million jobs. In order to manage and coordinate the activities related to the development of the Canal, an international industrial and logistics centre will be created. It will stretch across the three governorates of Port Said, Ismailia, and Suez and include six sea ports.

The project will include three economic zones covering an area of 500 square kilometres as follows:

The East Port Said zone which will house a transshipment port and an industrial area of 40 square kilometres for light and medium industries. Crucially, it will include the new East Suez Port, the first phase of which has been completed.

The Qantara zone which will house food industries because of its proximity to agricultural land, SMEs, textiles industry, and housing and real estate.

The Ain Al-Sokhna zone which encompasses 80 square kilometres in north west Suez, and include a port which will act as Egypt’s gate to the GCC, connecting the Gulf with Africa and Asia. It will also include medium and heavy industries.

Egypt will establish an authority to oversee the Suez Canal Zone on behalf of the state, to be regulated by the recently amended law for special economic zones.

Source: ahram.org.eg

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