CAIRO: President Abdel Fatah al-Sisi witnessed the signings of memoranda of understanding (MoU) in infrastructure, transport, tourism and security Thursday in Madrid, Spain, Youm7 reported.
An agreement was signed between the Suez Canal Authority and a well-established Spanish company to establish fish farms in the Suez Canal axis. The project is to be executed as early as August 2015 with a total of 3,800 fish ponds, producing from 40,000 to 50,000 tons yearly.
Moreover, Sisi signed a MoU to construct a high-speed rail line between Hurghada and Luxor, and another MoU for the projects of the fifth and sixth lines of underground subway.
Another MoU is to be signed between the Ministry of Electricity and Renewable Energy and a “well-established energy-specialized Spanish company,” Youm7 reported.
President Abdel Fatah al-Sisi praised Spanish participation in the Egyptian Economic Development Conference (EEDC), held in March 2015 in Sharm el-Sheikh, which was presented by the Minister of Industry, Energy and Tourism, José Manuel Soria López, along with 20 Spanish companies, during his meeting with the Spanish business community in Madrid April 30, according to Alaa Youssef, the presidential spokesperson.
Sisi invited Spanish companies to invest in development projects, such as the New Suez Canal Axis, the New Administrative Capital, and renewable energy projects.
Sisi’s visit aims to strengthen bilateral ties with Spain; Spanish investment in Egypt has exceeded 700 million Euros ($784 million) in the fields of gas, cement, renewable energy, automotive industry and railroads.