The Egyptian government announced on Monday that 14 international firms have met the tender specifications for a massive economic development project targeting the Suez Canal region.
Out of 46 applications, 33 consortia were qualified according to the project's specifications, while 14 were picked as among the best applicants. The winner will be declared by mid-2014.
At a press conference on Monday attended by Prime Minister Hazem El-Beblawi, head of the Suez Canal Authority Mohab Memish, who is tasked with managing the projects, outlined the details of the long-awaited development plans.
The project, which retains many of the features of a planned project under the government of former president Mohamed Morsi, includes the development of four seaports in the three canal-bordering provinces – Suez, Ismailia and Port Said – in addition to a seaport in Al-Arish, the capital of North Sinai governorate.
It will also feature a number of large-scale projects, including a 'Technology Valley' in Ismailia which will host several technology projects along with a new industrial zone west of the Gulf of Suez.
Work will begin on the infrastructure of the project in 2015.