Admiral Mohab Mameesh: Investments in the Economic Zone surpassed 30 billion dollars in 2018

Admiral Mohab Mameesh: Investments in the Economic Zone surpassed 30 billion dollars in 2018

Admiral Mohab Mameesh, chairman of the Suez Canal Authority and Suez Canal economic zone said that 2018 was a year full of agreements held to establish projects in the Suez Canal Economic Zone; the most recent was the signing of two contracts for new investments in Ain Shokhna and west Port Said during the 2018 African Forum. The total value of the regions investments was more than 30 billion dollars at the end of 2018.

 

Admiral Mohab Mameesh followed up saying “At the beginning of December 2018 we announced the Ministry of Finance’s approval to applying the no taxes policy on the goods imported from the domestic market to the Economic Zone. The Economic Commission succeeded in making settlements and ending disputes with a number of investors worth 3.4 billion pound, for an area of 15.6 million square meters squared.”

He then added that “The Authority completed the implementation of the first phase of the development projects of East Port Said Port last November, and are waiting for the President’s opening. A third production line for the largest fiberglass factory in Egypt has been inaugurated in Ain Shokhna with a Chinese investment of 580 million dollars. In addition to the start of a 17 meter deep, 1350 meter long berth in Ain Shokhna, aiming at increasing the length of the berth for more ships to gradually reach 2 million containers annually after the project’s completion.”

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