President El-Sisi directs taking measures to attract investments in Suez Canal Economic Zone

CAIRO – 18 July 2024: President Abdel-Fattah El-Sisi has directed the government to provide facilitations to attract investments in the Suez Canal Economic Zone, said Ahmed Fahmy, the official spokesman for the Presidency, in a statement on Thursday.

President El-Sisi has been updated on the initiatives of the General Authority for the Suez Canal Economic Zone aimed at attracting investments in targeted industrial sectors within the region. He met with Prime Minister Mostafa Madbouli, Chairman of the General Authority for the Suez Canal Economic Zone Walid Gamal El-Din, and Acting Chairman of the Administrative Control Authority Amr Hosni.

President El-Sisi also affirmed that these investments should ensure sustainable economic growth, and that administrative procedures should be streamlined for investors. Also, emphasis was placed on expanding and localizing the industrial base as a strategic state goal and a fundamental pathway to achieving development and progress.

The presidential spokesman elaborated that the prime minister outlined efforts to invigorate the new government's operations, address its priorities, and execute objectives outlined in its agenda, particularly focusing on economy and investment.

These efforts include enhancing the investment climate, fostering collaboration with the private sector, and empowering it to actively contribute to comprehensive development initiatives.

Due to the ongoing Israeli war on the Gaza Strip and the Yemeni Houthis’ attacks against Israeli, UK and US ships in the Red Sea in response to the Israeli war against the Palestinians, Egypt’s Suez Canal revenues have sharply declined.

Egypt’s Suez Canal reported a substantial decline in revenues during the previous fiscal year (FY2023/2024), registering $7.2 billion compared to a record-breaking $9.4 billion reported in FY2022/2023.