Nasr, Mamish discuss DP World plan to beef up investments in SCZone

CAIRO - 14 Aug 2017: Investment and International Cooperation Minister Sahar Nasr had a meeting on Monday with Chairman of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) Mohab Mamish to discuss a plan drawn by UAE's DP World to beef up its investments in the SCZone.

The Investment Ministry in a statement on Monday said that the two sides discussed arrangements for a foreign tour that will take them to Vietnam and Singapore in August to inject new investments in the country.

For her part, Nasr called for benefiting from the new investment law that gave incentives and investment protection guarantees for investors who seek to establish business projects in the Suez Canal economic zone.

Mamish stressed the importance of channeling all state institutions' efforts into achieving a comprehensive development in the country and changing the future of the region, a matter that will in turn help boost Egypt's economy and create jobs.

He also underlined the importance of Sinai development as the only way to achieve peace and stability in this important part of homeland.

On August 9, President Abdel Fattah El Sisi approved the establishment of a joint development company between the Suez Canal Economic Zone and the Dubai World Ports group known as DP World.

According to the deal, DP World will carry out the project in the Suez Canal area while the Egyptian government will offer all facilitation necessary for the project's establishment.