Following the meeting of Egyptian Prime Minister Mostafa Madbouly with the President of the General Authority for the Economic Zone of the Suez Canal Walid Jamaluddin, in

the new city of Alamein, the General Authority for the Economic Zone of the Suez Canal approved the implementation of investment projects worth more than $680 million

"The Board of Directors of the Suez Canal Economic Authority has approved new projects in the industrial zones and ports of the Suez Canal Container Trading Plant at East Port Said with cumulative investments estimated at $ 500 million, which is expected to provide 1,000 direct and indirect jobs."

The Authority's Board of Directors also approved the establishment of an integrated logistics project that includes a clean dry casting plant for grain and cashier circulation and a logistics area for value-added operations in the East Port Said region, which was presented by the Roots and Rosa Greens alliance.

The statement pointed to the approval of a multi-purpose terminal project for the Skye Investment Alliance and Reliance Logistics at the port of East Port Said, noting that the project includes the construction of a terminal with a length of 900 meters and a trading area of 380 thousand square meters with cumulative investments estimated at $ 65 million.

The cumulative investments for the logistics area are estimated at 200 million pounds (equivalent to $ 10.3 million) for the first phase of the project, which is located on an area of 400 thousand square meters.

The Dry Casting Station contract provided for the project to be set up on a 500-metre berth and an area of 267 thousand square metres with investments of 2.2 billion pounds (equivalent to $ 113.5 million).

The statement reviewed the financial statements and the final account of the Authority for the last financial year, explaining that the total list of the financial position of the Authority was 33 billion pounds as of June 30, 2022 compared to 18 billion pounds as of June 2021, due to the implementation and completion of some projects and development work at the Authority's seaports.

The Suez Canal Economic Zone General Authority achieved a "surplus of Pound2.2 billion for last fiscal year", while total revenues amounted to Pound3.4 billion last fiscal year, an increase of 9 percent over the previous year.

The President of the General Authority for the Economic Zone of the Suez Canal stressed earlier the continuity in the implementation of the strategy for the years 2020 to 2025, pointing to the continued cooperation and permanent coordination with all the state authorities and development partners to attract more investments, especially in the targeted industrial sectors in accordance with the vision of the Egyptian state, which is based on the creation of an integrated society dependent on industry, maritime transport and logistics.