Special investment law for economic zones to be issued in week: Suez Canal

CAIRO: An investment law on economic zones of special nature will be issued in a week per President Abdel Fatah al-Sisi’s orders, Youm7 qupted Suez Canal Authority’s Chairman Mohab Mamish Monday.

The law will regulate investments in Suez Canal, Mamish said during a presentation of the projects anticipated at the Suez Canal Axis to an Egyptian media delegation, Youm7 reported.

“Investors all over the world compete for the Suez Canal development projects; they trust the economic and security capabilities of Egyptians,” Mamish added.

Mamish mentioned that the “fish culture” project will be inaugurated Aug. 6 during the inauguration ceremony of the New Suez Canal; it is one of the many projects to be established on the canal’s axis, offering about one million job vacancies for the youth, according to the government.

A specialized joined alliance of Egyptian, French and American companies was chosen to organize the New Suez Canal inauguration ceremony, scheduled for August 6, according to a presidential statement May 28.

The project of the new 72-kilometer long canal was launched in August 2014 with a one-year deadline set by Sisi.

Egypt hopes the project will increase shipping traffic to 97 ships per day by the year 2023, up from 49 ships at present, and also to increase canal revenues from $ 5.3 billion at present to $ 13.226 billion in 2023, according to Suez Canal Authority.


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