Suez Canal economic zone contracts for $40bn flagships at World Youth Forum

Egypt’s Suez Canal Economic Zone Authority signed on Tuesday seven contracts for projects with $40 billion in investments at the World Youth Forum in Sharm El-Sheikh, Al-Ahram Arabic news website reported.

The deals include a $3.5 billion contract between a consortium of real estate companies and the Suez Canal Economic Zone Authority for the industrial development of 5.5 million square meters of land in Ain Sokhna.

The consortium includes Ardak Development and Real Estate Investment, ASEC Engineering and Management, and Polaris Al-Zamil Industrial Park company, a joint venture between Polaris International Industrial Parks, a Turkish-Egyptian company, and Saudi-based Zamil-Holding investment company.

The project will be executed over several phases, starting with the development of 1 million square metres, Ardak CEO Ashraf Dewidar said.

An agreement was also signed for the $500 million financing of Sonker Bunkering Company and DP World Sokhna’s liquid bulk terminal at Port Ain Sokhna, marking the end of obstacles that had delayed the project’s implementation, according to Al-Ahram Arabic news website.

The terminal will be used to import and store gasoil and liquefied petroleum gas in the third basin of Port Ain Sokhna.

The European Bank for Reconstruction and Development, the International Finance Corporation and CIB announced in 2016 they were providing $341 million of the project’s cost to Sonker, according to a February 2016 press release.

“The new infrastructure will accommodate the docking of two floating storage and regasification units and the handling of LNG imports to the nearest national gas grid,” the press release said.

Source: Ahram online