Tuesday 23 October 2018

Suez Canal zone receives 8 investment requests

CAIRO, December 31, 2017

The General Authority for the Suez Canal Economic Zone (SCZone) has received eight requests from local and international companies to invest on an area of 4 sq km, a media report said.

The companies that have requested allocating the land seek to establish petrochemical industry projects, as well as projects to assemble cars, and others for the textile and silicone manufacturing industries, Mahfouz Taha, deputy head of the SCZone Authority, was quoted as saying in a Daily News Egypt report.

Taha added that the authority received 13 requests to invest on an area of 6 sq km, highlighting that the SCZone will sign the final contract with the Russian side to establish the Russian industrial zone over the upcoming month.

The Russian industrial zone will be located on 5.25 sq km, and it will be implemented in three phases over 13 years, the report said.

The investments of the Russian side in the industrial area in East Port Said are estimated to be $6.9 billion. The work on the first phase starts in 2018 to develop 1 sq km by the Russian industrial developer, to establish industries in the field of sensors, air conditioners, and motors manufacturing.

Tags: SCZone |

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