Egypt to establish new firm to manage investments in SCZone – PM

Egypt’s Prime Minister Moustafa Madbouly issued om Thursday a resolution authorizing the General Authority for the Suez Canal Economic Zone (SCZone) to participate in establishing a joint stock firm, named Economic Zone Utilities Company.

The company aims to manage the construction, ownership, operation and maintenance of various facilities or projects for developers and investors interested in the economic zone of the Suez Canal, according to Egypt Today on Thursday.

According to the decree, the company will operatein accordance with the provisions of the Law of Joint Stock Companies, Limited Partnership Companies, Limited Liability Companies, Single Person Companies and the provisions of the Special Economic Zones Law.

In October, Head of the Suez Canal Economic Zone (SCZone) YahiaZakiclarified that the political leadership in Egypt attaches importance to the zone’s influential role on the map of global investments.

Zaki said the Egyptian state works to support this role through providing a favorable atmosphere for investments, removing obstacles and facilitating free flow of information necessary for projects.

He added that the SCZone, one of the national projects, is a promising zone that aims to turn into a global logistic hub to contribute to boosting Egyptian and global economy.