Egypt Forms 5 Coalitions For Egyptian Expats To Develop Suez Axis

The International Business & Investment Association (IBIA) has formed five international coalitions to kick off implementing the project of developing Suez Canal Axis next July.

Waleed Abdel Ghafar, head of the technical secretariat of the project, said the coalitions encompass Saudi Arabia, Canada, Malaysia, England and the US.

Abdel Ghafar has underscored that the first phase aims to attract the investments, estimated with $100 billion in three main centers; they are east Port Said, Technology Valley in Ismailia and Suez Gulf in Al Adabiya Port.

On the sidelines of the International Conference for Developing Suez Canal Axis, Abdel Ghafar said the coalitions don’t represent countries but they rather represent the Egyptians live abroad, because they have the priority to implement the project of developing the axis of Suez Canal.