Mamesh, Arafat visit Germany for SCZone investments

CAIRO – 26 November 2017: Minister of Transportation Hisham Arafat and Canal Authority chairman Mohab Mamesh will travel Sunday to Germany to present investment opportunities in the Suez Canal Economic Zone (SCZone).

Head of the Egyptian-Korean Business Council Raouf Ghabbour said Saturday that a delegation of 11 Korean companies will visit Egypt next month to study the execution of investment projects.

The companies operate in the fields of energy, electricity, engineering industries, construction, shipping, home appliances, trade, railways and machinery.

On Tuesday, Mamesh said an agreement was signed with the UAE to establish an Egyptian shareholders company to carry out naval and dredging works needed in the various sectors, where 51 percent of the company's shares will be owned by Al Canal Company for Harbors and Mega Projects.

In a meeting with Investment and International Cooperation Minister Sahar Nasr, Mamesh highlighted progress achieved by the SCZone development project where 105 underway projects are set to be finalized within three months, a statement by the ministry said.

The SCZone is a trade hub that links the Red Sea with the Mediterranean Sea, covering an area of 461 kilometers squared approximately. It consists of six ports and four development areas located along the Suez Canal banks.