Sisi seals joint development firm between Suez Canal and Dubai Ports

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Egypt’s President Abdel Fattah al-Sisi agreed Wednesday to the establishment of a joint development company between the General Authority for the Suez Canal Economic Zone and Dubai Ports to execute development projects in the Suez Canal area.

He stressed that the Egyptian government would work on facilitating the accomplishment of these project as soon as possible.

President Sisi met Wednesday with the head of the Suez Canal Authority, Mohab Mamish, and Sultan Ahmed Bin Sulayem, the CEO of Dubai Ports.

Sisi praised the cooperation between the Egyptian government and Dubai Ports, expressing appreciation for the relations between Egypt and the United Arab Emirates.

The CEO of Dubai Ports, which operates the Ain Sokhna sea port in Egypt, demonstrated its currently executed projects, pointing out the group’s keenness to expand its investment plan in the country during the upcoming period.

Dubai Ports operates multiple related businesses from marine and inland terminals, maritime services, logistics and ancillary services to technology-driven trade solutions worldwide.

Last week, Egypt’s Prime Minister Sherif Ismail oversaw the signing of six contracts with investment companies to execute industrial projects covering 16.2 million square metres in the Suez Canal Economic Zone.

The Suez Canal Economic Zone extends over 461 square kilometres across the three Suez Canal governorates of Suez, Port Said and Ismailiya, and will include six maritime ports, to be completed by 2045.

The mega project is part of a government plan to upgrade energy infrastructure, boost the economy and create jobs.

Over the past two years, Egypt has been seeking foreign investment for the Suez Canal Economic Zone, which is expected to include an international logistics hub and areas for light, medium and heavy industry, as well as commercial and residential developments.

Source: Ahram Online