Egypt to build new city in eastern Suez Canal

Suez Governorate will send a general plan to the government and the presidency to establish a new city including residential units, a youth park, a factory, and services.

The location of the city will be in Oyoun Mousa district, east of the Suez Canal zone, governor of Suez Ahmed Al-Hayatmi said Sunday, according to state-owned news agency MENA.

The Suez Canal area will be converted into an economic authority and will work as a single-window in completing all investors’ procedures, separate from all ruling legislations of economic activity in Egypt.

The project, which targets public and private investments, aims to attract foreign investment, develop industries, and export to gain foreign currency. In August 2015, President Abdel Fattah al-Sisi inaugurated an extension for the current Suez Canal.

In the same month, the government approved a law establishing the General Authority of the Economic Zone of Suez Canal, to manage the Suez Canal Zone.

The authority will own state-owned lands and establishments in the zone. According to the law, the authority’s chairman of the board of directors must submit an annual report to the Prime Minister on the activities in the zone.

Source: Daily News Egypt