CAIRO: The General Authority of Economic Zone of Suez Canal (GAEZSC) will deliver lands and licenses for any project within three days, Youm7 reported head of the authority Ahmed Darwish Monday.
GAEZSC is integrated and deals with investors in a “special manner” to promote investment in the Suez Canal axis project, Darwish said during an international conference on the Suez Canal at a hotel in Cairo.
The board of GAEZSC is “highly flexible” with investors and in the implementation of projects, he added.
Established via a presidential decree in August 2015 to oversee projects in the axis, GAEZSC owns six ports at an area equal to third that of Singapore and 10 times the area of Jebel Ali, a port town southwest of Dubai in the United Arab Emirates, according to Darwish.
The Suez Canal Axis will represent a “strong competitor” for Jebel Ali and any similar projects, Darwish said.
Investors have long complained about bureaucracy in Egypt and prolonged procedures to embark on a project. In the past few years, Egypt has strived to produce a unified investment law to encourage investors to launch projects in the country.