Plan for 5 million sq ft economic free zone around Suez Canal
An alliance between Saudi Arabian and UAE companies has submitted a request to the Economic Commission of the Suez Canal to obtain 5 million square feet of land to establish an industrial city worth $3 billion, according to press reports.
Ahmed Sabri, the representative for the alliance, said the industrial city would house factories to manufacture various products, including food and cars. He added that a business city would also be developed, along with storage areas.
About $300 million would be set aside for the development of basic infrastructure for the project, Sabri said, while as much as $3 billion would be sought from investors to set up the planned 120 factories and a complete city for business.
The negotiations and agreements between the numerous international companies that make up the alliance took place over a period of time, Saudi Arabian media said. Those reports added that the huge industrial city will become an area in Egypt that is free of bureaucracy and a driver of economic growth.
Major General Abdulqadir Darwish, deputy chairman of the Suez Canal commission, added that the development plan for the Suez Canal would be completed before July 2016. He also said that there would be a mandate to set up projects that would create jobs for Egyptians.