CAIRO: Head of Suez Canal Authority Mohab Mamish said in press statement Friday “we will present big investment opportunities in Ain Sokhna Port Project during the coming economic summit,” scheduled to be held from March 13-15 in the Red Sea resort town of Sharm el-Sheikh.
Mamish’s statement was announced during a meeting in Ismailia with a delegation from the UAE’s Dubai National Bank in the light of the inauguration of an emergency center for natural disasters in Suez Canal and Sinai areas.
The Ain Sokhna Port project is a part of the comprehensive Suez Canal Axis Project, launched on August 15, 2014. The project aims to boost Egypt’s economy and to increase investments through establishing a logistics hub and trade zone in the strategic area.
Mamish also welcomed the UAE participation in the project and hailed the efforts of the UAE Minister of State Sultan Ahmed Al Jaber to achieve an aquaculture project in the area.
In a meeting Thursday with Prime Minister Ibrahim Mahlab, Minister of International Cooperation Naglaa el-Ahwany and Minister of Investment, Sisi stressed on developing a list of the projects that are scheduled to be discussed during the summit, according to Al-Ahram.
Mamish assured earlier that the Suez Canal project, with a cost estimated at 60 b EGP ($8.2b), will be achieved on time and before the deadline in August 2015.
Mamish has his tenure as a chairman of the Suez Canal Authority was extended, per a presidential decree, for another year starting from January 1, 2015.
During his 2-day visit to Kuwait on Monday, Sisi invited investors to attend the economic summit and assured that “Investment opportunities [now] in Egypt are very big,” according to an interview with the State- Kuwaiti TV.
Acknowledging the problems that were hindering the investors in Egypt in the past, Sisi said that the country is now following a strategy, upon which it has managed to solve some of the obstacles.
Sisi also mentioned a number of rising economic projects that are under implementation, including the Suez Canal Development project, which he said aims to “revive global routes.”
In parallel with the Suez Canal Axis Project, Egypt is carrying out another project aimed to dig another canal to facilitate the ship traffic in both directions.
Additional reporting by Ahmed Yaqoub and Nourhan Magdi