Nasr, Mamish ink LE 5.5B deal to set up project on SCZone

CAIRO – 1 August 2017: Minister of Investment and the Suez Canal Economic Zone (SCZone) Head signed an agreement to build a factory for Egyptian Steel at a total investment of LE 5.5 billion ($307 million), a Tuesday statement said.

The deal signed between the Minister Sahar Nasr and the SCZone Mohab Mamish was reached to establish a project in Ain Sokhna on an area of 440,000 meters, to be inaugurated in December and will offer up to 6,000 job opportunities.

SCZone is vital area and one of the best places to invest in, Egyptian Steel Chairman Ahmed Abou Hashima said, adding that investors are currently waiting for the executive regulations of the New Investment Law, which will give them a lot of advantages.

During the signing ceremony, Nasr said that Mamish has participated in important discussions on the executive regulations of the New Investment Law for the sake of development of the SCZone.

Moreover, the zone’s chairman noted that directions have been made by President Abdel Fatah al-Sisi regarding resolving the investors’ issues and pumping new investments in the SCZone.

Earlier in July, Ministry of Investment said that it targets attracting $30 billion foreign and local investments in infrastructure and public utilities in the next five years in cooperation with the SCZone.

During Egypt's Fourth National Youth Conference, Nasr added that these investments will offer around one million direct and indirect job opportunities.