Egypt’s SCZone to set up company to manage investments

The Egyptian government authorised the General Authority for Suez Canal Economic Zone (SCZone) on Thursday to set up a “SCZone Istithmar” to manage investments.

The Egyptian Prime Minister Mostafa Madbouly approved the establishment of the company, which is responsible for formulating strategic plans to manage the SCZone’s current and future investments.

The company will also set up joint development enterprises with the private sector. It will also seek cooperation and partnerships with local and international companies to run the infrastructure of the SCZone.

The Suez Canal Economic Zone was established in 2015 and covers an area of 461 square km along the banks of the Suez Canal. It also holds six ports and four development areas, according to the statement.