Monday,19 November, 2018
Current issue | Issue 1349, (15 - 21 June 2017)
Monday,19 November, 2018
Issue 1349, (15 - 21 June 2017)

Ahram Weekly

New agreements in Canal Zone

FIFTEEN agreements were signed with investors in the Suez Canal Economic Zone, reports Nesmahar Sayed.
Head of the Suez Canal Economic Zone (SCZone) Mohab Mameesh said this week that he had held talks with companies represented by the Suez Industrial Development Company (SIDC) to resolve outstanding issues, adding that the SCZone had signed deals for 15 projects in the fields of petrochemicals, fertilisers, medical equipment, paper products and other industries after a month of negotiations.

These would contribute to the development and growth of the SCZone, he said, creating sizable numbers of jobs. Minister of Investment Sahar Nasr had promised her support in resolving outstanding issues and providing incentives to attract and increase investments, he said.

The 15 contracts signed between the SCZone and the SIDC are on land under the authority of the industrial developer and having the utilities needed for project construction. Once the deals are finalised, the projects can begin immediately.

Mameesh said the projects had come after a settlement was reached on the Sonker Liquid Bulk Terminal at the port of Ain Sokhna, with direct foreign investments worth $500 million. This would help transform the SCZone into a regional hub for bunkering and trade in oil products in the Middle East and East Africa, he said.

The SCZone recently succeeded in settling other outstanding issues with investors, including between the SCZone, the SIDC, and the joint Egyptian-Chinese Investment Company which had remained unresolved for five years. New talks took place and 1.25 million square metres of land were allocated to the Egyptian-Chinese Company.

A settlement was also reached in the dispute between the SCZone and the Sokhna Refinery and Petrochemicals Company in favour of the state after a review of outstanding issues between the two sides. The talks concluded in the allocation of 2.2 million square metres of land, with the head of the SCZone completing contract procedures.

Mameesh said cooperation between the Ministry of Investment and the SCZone on measures to promote investment was ongoing. He added that developing SCZone ports in the Suez Canal and raising the standard of maritime and logistical services would also encourage investors.

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