Egypt to establish company to manage investment in SCZone

CAIRO - 31 October 2019: Prime Minister MostafaMadbouli issued Thursday a resolutionauthorizing the General Authority for the Suez Canal Economic Zone (SCZone) to participate in establishing a joint stock company named Economic Zone Utilities Company.

The company aims to manage the construction, ownership, operation and maintenance of various facilities or projects for developers and investorsinterested in the economic zone of the Suez Canal.

According to the decree, the company will operatein accordance with the provisions of the Law of Joint Stock Companies, Limited Partnership Companies, Limited Liability Companies, Single Person Companies and the provisions of the Special Economic Zones Law.

In October, Head of the Suez Canal Economic Zone (SCZone) YahiaZakiclarified that the political leadership in Egypt attaches importance to the zone's influential role on the map of global investments.

Zaki said the Egyptian state works to support this role through providing a favorable atmosphere for investments, removing obstacles and facilitating free flow of information necessary for projects.

He added that the SCZone, one of the national projects, is a promising zone that aims to turn into a global logistic hub to contribute to boosting Egyptian and global economy.