China’s TEDA to finish developing 2 km² in Gulf of Suez end-Dec.

China’s TEDA Investment Group plans to finish infrastructure and utilisation works at two square kilometres in Northwest Gulf of Suez by the end of December 2016.

Speaking to Amwal Al Ghad Tuesday, TEDA’s CEO Wei Jianqing stated that this space is the first phase of the contracts signed with Egypt’s General Authority For Suez Canal Economic Zone (SCZone) to develop 6 kilo meters in North West Suez Canal zone.

Jianqing added that TEDA injected new investments of US$30 million into the infrastructure and utilisation works at the first phase.

TEDA Investment Group is currently in talks with around 10 international firms on investing in the region.

Moreover, TEDA finished developing the inclusive industrial zone that was built on an area of 1.3 square kilometres in Northwest Gulf of Suez, Jianqing said, clarifying that the company attracted total investments estimated at US$1 billion.