The Suez Canal tunnels project aims to ease congestion in the area due to industrial development and population growth.
The protocol was signed by Chairman of the Suez Canal Authority and the Suez Canal Economic Zone, Mamesh, and Vice Chairman and CEO of Agility, Tarik Sultan.
A total of 145 ships have crossed the Suez Canal during the last three days with a load of 8.2 million tons.
Minister of Transportation Hisham Arafat and Canal Authority chairman Mohab Mamesh will travel Sunday to Germany to present investment opportunities in the SCZone.
Head of the Suez Canal Authority (SCA) Mohab Mamesh said that as many as 145 ships transited the Suez Canal from November 12 to 14.
Mamesh said that next year will witness an increase in the channel’s revenues, in conjunction with the beginning of the global trade movement recovery.
The project is being developed by Sonker Bunkering Company, which secured $500 million in credit facilities for the project in May.
Mamesh said investing in the project is expected to amount to $7 billion in industries and logistics sectors.
The final agreement will be signed after finishing all business procedures.
Egypt signed five agreements Wednesday with Germany’s Bavaria company to build five factories in East Port Said by 2018.
Suez Canal Authority head agreed with German conglomerate Siemens to build a training center inside the zone to train technical workers.
In an Asian tour this month, Minister of Investment and Chairman of the Suez Canal Authority targeted signing contracts and MoUs for Suez Canal zone.
Egypt will establish the Egyptian-Vietnamese Business Council and revive works of the Egyptian-Vietnamese Joint Committee, which last gathered in 2008.
The agreements will target opening new investment opportunities for Vietnamese investors in Egypt, Minister of Investment said.
A number of 63 ships sailed through the Suez Canal, carrying a total volume of 3.8 million tons on Sunday, breaking a record.
Planned to be built on a land plot owned by Suez Steel Company, the steel factory will work at a production capacity of 1.2 million tons of steel rebar and coils.
Mamesh stated that 7,294 ships passed through the canal in Q2 2017, compared to 7,021 ships in Q2 2016.
Revenues of the Suez Canal hiked in 2017 due to traffic increase came as a result of the canal’s extension, head of Suez Canal Authority Mohab Mamesh said.
The agreement between the General Authority for the Suez Canal Economic Zone and Sonker Bunkering Company to build a Bulk Liquid Terminal project has started.
A record-breaking 59 ships carrying 3.6 million tons passed through the Suez Canal Thursday, Suez Canal Authority (SCA) Mohab Mamesh said.