Bulldozers and trucks are seen in a demonstration of the equipment which used as part of plans for a major upgrade of the Suez Canal, in Cairo August 5, 2014 (Photo: Reuters)
Egypt’s Prime Minister Sherif Ismail witnessed on Tuesday the signing of six contracts with investment companies to execute industrial projects covering 16.2 million square metres in the Suez Canal Economic Zone.
The projects include an agreement between businessman Ahmed Abu-Hashima and the head of the Suez Canal Authority Mohab Mamish to establish a $5.5 billion iron factory in the region.
In a press conference following the signing of the agreement, businessman Ahmed Abu Hashima said that the factory, due to open in December, will produce nearly 830,000 tons of pallet iron and 550,000 tons of reinforced iron. It will provide up to 6,000 direct and indirect jobs, he said.
Chairman of Raya Manufacturing and Logistics Company Medhat Mohammed Khalil signed an agreement to obtain 300,000 square metres of land in the south of the Economic Zone to build a coal store with international specifications, a wheat mill, a pasta factory and a light-transportation assembly line.
Minister of Investment Sahar Nasr said during the press conference that the ministry is keen to cooperate with the economic zone of the Suez Canal to overcome the obstacles faced by investors and to facilitate investment opportunities for the Suez Canal Economic Zone.
The Suez Canal Economic Zone extends over 461 square kilometres across the three Suez Canal governorates of Suez, Port Said and Ismailiya, and will include six maritime ports, to be completed by 2045.
The mega project is part of a government plan to upgrade energy infrastructure, boost the economy and create jobs.
Over the past two years, Egypt has been seeking foreign investment for the Suez Canal Economic Zone, which is expected to include an international logistics hub and areas for light, medium and heavy industry, as well as commercial and residential developments.