Suez Canal economic zone will create 400,000 jobs

14 November 2017

Egypt is developing a new economic zone to take advantage of the Suez Canal and create 400,000 jobs.

The zone, at Sokhna, will target SMEs providing logistics and service utilities in the medical, electronic, communication and automotive sectors, among others. 

The Suez Canal Economic Zone (SCZone) has signed an agreement with Dubai port operator DP World to develop the zone, which aims to attract foreign investment and encourage innovation.

The project, in line with Egypt’s plans to develop a Suez Canal Corridor, is expected to start in the first quarter of next year. 

Mohab Mamish, chairman of the Suez Canal Authority and the SCZone, said the project would include a comprehensive economic zone, an industrial free zone and a number of development projects to boost the economy and create jobs for young people. The Sokhna zone is expected to create more than 400,000 jobs.

“This is an important step in Egypt’s industrial and economic growth journey, while taking advantage of the strategic location of the Suez Canal,” he said.

SCZone is the is the majority partner, holding 51% of the joint venture with DP World holding the remaining 49% stake. The new zone will cover 95 sq km and include residential areas. Sokhna Port will also be developed to increase its capacity and link it to the industrial zone.

The Suez Canal Corridor project aims to increase the importance of the canal in regional and international trade. This involves an economic free zone and trading hub spanning 461 sq km along the length of the canal, including a number of port expansions and new developments.

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