A ship transiting through the Suez Canal - Photo courtesy of SCA A ship transiting through the Suez Canal - Photo courtesy of SCA

Govt denies selling 49% of Suez Canal economic zone

Thu, Dec. 6, 2018
CAIRO 6 December 2018: The General Authority For Suez Canal Economic Zone (SCZone) denied on Thursday media reports that the Egyptian government has sold 49 percent of the economic zone to an Arab country.

The media center of the cabinet dismissed as groundless these reports, saying no lands affiliated with the SCZone were sold to any Arab or foreign country.

The SCZone belongs to Egyptians and it is one of the mega national projects in Egypt, the center said in a statement, stressing that such rumors are meant to negatively affect the contracts concluded by the economic zone.

The statement made clear that the SCZone started negotiations with Dubai Ports World to set up a company to be in charge of developing 45 square kilometers of the industrial zone in Ain Sokhna under the usufruct system.

The SCZone will own 51 percent of shares of this company while DP will have a 49-percent share, the statement said.

The company aims at luring world investors to pump their money into the Suez Canal economic zone.

Negotiations with DP have been going on since November of 2017 and a major consultancy office is now finalizing a study in this regard, it said.

The SCZone urged all media outlets to verify the authenticity of reports they publish to avoid disrupting public order and creating unnecessary chaos
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