Admiral Mohab Mameesh, chairman of the Suez Canal Authority and Suez Canal economic zone said that investors seeking to buy land in the Suez Canal industrial zone have become more serious after the President’s decision to withdraw land from investors after three years, if it’s not exploited.
This took place on Tuesday at the Industry Committee meeting, which he attended, at the House of Representatives chaired by MP Amer Faraj.
Mameesh noted that “unfortunately, there were investors who receive the land and kept it without exploitation for ten years. However; the President’s decision came to stop this. The land will be withdrawal from those who don’t exploit it within three years.”
The chairman of the Suez Canal Authority added that there is an ambitious plan for infrastructure in the region.
He followed up saying that “investors shouldn’t find any obstacles that prevent them from investing amidst global competitiveness. Shipping serve fees at East Port Said have been reduced by 50 percent to prevent ships from going to other ports.” The Admiral assured that the port is up and running, promising, pivotal, and with a depth up to 18.5 meters. There are also industrial and logistics are around.”