Developing Suez Canal Axis’ Revenues To Reach Up To US$100 Bln Annually

Dr. Tarek Wafik, Egyptian Minister of Housing and Urban Communities, said the ministry is about to finalize the draft law of the Developing Suez Canal Axis establishment. Wafik noted that the draft law will be submitted to the Cabinet next Wednesday.

During his keynote speech before the Shura Council’s Transport Committe, the minister added that the overall features of the new draft law focuses on granting the new Developing Suez Canal Axis more flexibility to create a competitive center. The new Developing Suez Canal Axis shall organize the work in this region.

Dr. Tarek has confirmed that there will be no discrepancy among the responsibilities assumed by the Developing Suez Canal Axis, Ministries of Internal Affairs, Defense and of Justice.

The minister also emphasized during the seminar held by the German Chamber on Tuesday – that the Suez Canal Development project will achieve revenues up to US$ 100 billion annually, which will contribute in solving many economic crises dogging Egypt.

He noted that the estimated investments, infrastructure and construction for Developing Suez Canal Axis will hit US$ 45 billion. He said the project  will help in restoring Egypt’s regional and international role alongside boosting its economy.

He explained that future vision of the Suez Canal region relies on 5 pillars; the world trade and transport, new and renewable energy, human development, tourism and industrial compounds.