Nasr, Mamish discuss development of Suez Canal Zone

CAIRO – 17 April 2017: Minister of Investment and International Cooperation Sahar Nasr met with the Chairman of the Suez Canal Authority Mohab Mamish, where they discussed pumping new investments into the Suez Canal development area with the aim of enhancing its competitiveness, the ministry said in a Monday statement.


The meeting also touched on the implementation of President Abdel Fatah al-Sisi’s directives with regard to establishing a number of projects in the area’s vacant piers.


In the same regard, the two sides agreed on removing the obstacles facing the liquid bulk project, carried out by the Suez Canal Authority, DP World Sokhna as well as Sonker Bunkering Company.


The project aims to launch Egypt’s biggest project to store and handle petroleum products, with Sonker investing up to $500 million.


Mamish reviewed a plan to develop the Suez Canal zone’s six ports, including the ports of East Port Said, West Port Said, Sokhna, Arish, El Tor and Adabiya.


Meanwhile, Ossama Al Sharif, Managing Director of Sonker, said his company seeks to have direct investments in the Suez Canal zone, worth up to $1 billion within five years.