Suez Canal Axis Development Project will Double Egypt’s National Income

The head of the Egyptian Businessmen Association (EBA) Eng. Hussein Sabour said the total annual  income of Suez Canal up US$5 billion , asserting that Suez Canal Axis Development project will boost the income of Suez Canal (Equivalent of 20 times).

Sabour asserted that there is an overall plan for Suez Canal Axis project includes economic, social, legal and security studies, noting that around 10% of the world’s goods pass through Suez Canal and 22% of the world’s containers are also pass through the canal.

Abdullah Bin Mahfouz, head of the Saudi-Egyptian Business Council said the major firms of Saudi Arabia look for the strategic location of it.

Bin Mahfouz emphasized that Suez Canal Axis project is a hopeful project for Egypt, stressing that Egypt has many attractive projects for investment, and Saudi Arabia is keen on Upper Egypt governorates.

He confirmed that Suez Canal Project will double the national income of the country, noting that Saudi-Egyptian cooperation will provide strong economy throughout Africa and Gulf countries.

The total investment aids from Saudi Arabia after June30 uprising reached US$28 billion.

Furthermore, Chairman of the Suez Canal Authority (SCA) Lt. General Mohab Mamish has asserted that some goals behind the Suez Canal axis development project.

These targets are represented in creating new job opportunities, investment, a global industrial zone, distinguished logistical area on world-level, boosting exports, developing international trade, diversifying the range of activities in the area as well as guaranteeing the economic growth in the long run.

He emphasized that the project will contribute in boosting the Egyptian economic value and book of conditions on developing the Suez Canal Axis will be available to the entrepreneurs and investors.

He noted that Suez Canal is a symbol of the Egyptian which made the ​​history and that today’s meeting aims to accomplish a new step for the development of the national economy and Egypt announce to the whole world its ability to challenge for the future.

He further added the project would usher in new tens of thousands of job opportunities for the Egyptian youths.

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