July 27, 2019
Admiral Mohab Mameesh, Chairman of the Suez Canal Authority and Head of the Economic Zone, announced that the Suez Canal Economic Zone has recently achieved the highest revenues in its budget for the second consecutive year on June 30, 2019.
Admiral Mameesh added that the Economic Zone Authority is working on maximizing its revenues since it represents the engine of economic development in Egypt, in accordance with the directives of the State President.
Admiral Mameesh explained that the Suez Canal has achieved the highest revenues that represent the activities carried out until 30/6/2019. The total revenue of the Authority for the fiscal year 2018/2019 amounts to 3.69 billion pounds. The net profit is 2.198 billion pounds, with an increase of about 568 million pounds, compared to the previous year’s records, and an increase rate of about 35%. Such a development takes place because of the direct follow-up and the employees’ efforts, which lead to the achievement of unprecedented results.
Moreover, Admiral Mohab Mameesh said that the Board of Directors of the Authority approved the budget of the new fiscal year 2019/2020, with a total amount of 10.4 billion pounds representing the largest budget of the Authority since its establishment. This depends on the requirements of the investment process, which necessitate the implementation and preparation of the infrastructure and utilities of some areas.
On the other hand, the General Authority of the Suez Canal Economic Zone will soon sign new contracts with major local and international companies to invest in the Economic Zone in Ain Sukhna. This will contribute to creating new job opportunities for the Egyptian youth over the next two years.