CAIRO: Saudi-Egyptian Business Council head Sheikh Saleh Kamel announced Saturday the establishment of the Gosor firm with an estimated capital of $3 billion to invest in the Suez Canal Axis project, Youm7 reported.
The announcement came during Kamel’s visit to the Suez Canal project accompanied by Mohab Memish, the head of the Suez Canal Authority (SCA).
“The establishment of Gosor will encourage Arab investors to invest in the canal development,” Mamish told Al-Hayat channel Saturday. He also stressed the need to issue a unified investment law ahead of the Economic Summit scheduled in March.
President Abdel Fatah al-Sisi launched a multi-billion dollar megaproject Suez Canal expansion project called “the New Suez Canal” in August, in an attempt to revive Egypt’s limping economy. The project will establish a new 72 kilometer canal parallel to the current one to speed up transit time.
The Suez Canal expansion is expected to boost annual revenue up to $13.5 billion by 2023.
Egypt also plans the development of the Suez Canal Axis project to develop the area surrounding the Suez Canal.
Planners hope the axis will take advantage of Egypt’s geographic location to lure foreign and Arab capital for new investments by establishing economic and logistical hubs.