(3 minutes read)
· Suez Canal Economic Zone (SCZone) board of directors recently approved a number of mega projects set to be implemented in the coming period
· The meeting also reviewed the achievements of the SCZone in the last three months.
· The zone has given the green light to projects in Ain Sokhna and East Port Said, including establishing a petrochemicals project and designating an area of 1.5 million square meters for carrying out the project in two phases.
Suez Canal Economic Zone (SCZone) board of directors recently approved a number of mega projects set to be implemented in the coming period. The board was criticized by the investment committee for the delays in implementing the projects and time and cost overruns thus incurred.
The meeting of the board of directors suggested amendments to the executive regulations of the special economic zones law to make the operations smooth and implementation time bound.
Chaired by SCZone Chairman Yahia Zakaria, the meeting held through video conference, was attended by ministers of planning, economic development, transport, housing, trade and industry. The meeting also reviewed the achievements of the SCZone in the last three months. The zone has given the green light to projects in Ain Sokhna and East Port Said, including establishing a petrochemicals project and designating an area of 1.5 million square meters for carrying out the project in two phases.
The products of the US$ 2.6 billion project will be exclusively for exports. The board has given approval for establishing two grain stations to use them as warehouses and supply to the hinterland. The grain stations will be spread over one kilometer at East Port Said port. There will be a trading zone measuring 500,000-square-meter and 400,000- square-meter logistic zone close to the grain stations.
