$40 billion in six contracts signed during WYF: SCZone Mamish

CAIRO – 8 November 2017: Head of the Suez Canal Authority Mohab Mamish signed six contracts with Egyptian and foreign investors to develop northern and southern sides of the economic zone of the Suez Canal on Tuesday on the sidelines of the World Youth Forum (WYF) taking place in Sharm El-Sheikh.

Mamish asserted that the development project of the Suez Canal will benefit both the Egyptian and global economy as it shall offer nearly one million job opportunities for Egyptian youth, praising the effective role played by the Egyptian ministry of investment and international cooperation in attracting new investors.


Minister of Investment and International Cooperation Sahr Nasr, Head of SCZone Mohab Mamish among a number of participants at the World Youth Forum in Sharm El-Sheikh- Press Photo

“The total investments concluded so far between the Suez Canal’s economic zone and investors reach $40 billion,” Mamish added.

He revealed that some projects are expected to be handed over to the investors in June 2018, stressing that “a new logistics industrial project will be established next year in eastern New Port Said City so as to receive Emeriti investors.”


Minister of Investment and International Cooperation Sahr Nasr, Head of SCZone Mohab Mamish among a number of participants at the World Youth Forum in Sharm El-Sheikh- Press Photo

“The signed agreements are the fruits gained from several foreign tours in Europe and Asia to attract investors to the Suez Canal economic zone,” said Minister of Investment and International Cooperation Sahar Nasr.

Last October, Mamish revealed that the canal revenues hit $4.345 billion in January-October 2017, compared to $4.2 billion during the same period a year earlier.


Minister of Investment and International Cooperation Sahr Nasr, Head of SCZone Mohab Mamish among a number of participants at the World Youth Forum in Sharm El-Sheikh- Press Photo

In the second quarter of 2017, Arab countries injected $300.8 million worth of investment in Egypt, with the United Arab Emirates coming on top, with $161.1 million, followed by Saudi Arabia at $37.7 million.

The WYF, which launched on Sunday, is a forum designed to give global youth the chance to engage in world development. It is a chance to allow them to be heard as well by world leaders and influential individuals. Egypt’s first international youth event is set to run until November 10, bringing together 3,000 youths represented by 60 international delegations.