Egypt decides to grant 5-year residency to investors in SCZone

CAIRO - 13 September 2022:  Head of the General Authority for the Economic Zone of the Suez Canal, (SCZone), Walid Gamal El-Din, announced Tuesday the approval of offering five-year residency grants to investors in the economic zone, which facilitates them and contributes to improving the business climate.

 

This came during Walid Gamal El-Din chairing the first meeting of the authority’s board of directors for the current fiscal year 2022-2023, where officials of the financial departments and internal audit reviewed the financial statements and the final account of the authority for the last fiscal year 2021-2022.

 

A quinquennial residence (five-year residence) permit is granted for a period of five years, which may be renewed for foreigners of the following categories: Foreign investors and their wives and children, Egyptians who lost their Egyptian nationality as a result of their permission to naturalize a foreign nationality - while not retaining their Egyptian nationality, as well as their minor children who were covered by the permission.

 

In another context, Walid Gamal El-Din said that the water desalination plant in Ain Sukhna will be operated on the first of next October to serve the existing projects in the industrial zone, where the production capacity of the plant is 100,000 cubic meters / day.