Mubarak reviews performance rate of mega-projects
Egypt, Economics, 12/19/2000

Egypt's President Mubarak yesterday presided over a ministerial meeting for following-up performance rate in the project of northwestern Gulf of Suez.

Following the expanded discussions which lasted for more than two hours, President Mubarak issued a number of directives related to progress of the work in the big project namely reconsidering areas of land assigned for investment companies selected to develop the zone but did not act seriously.

The President also decided withdrawal of land assigned to development companies which did not start work in the project.

Following the meeting, Information Minister Safwat Al-Sherif said the President listened to the steps made since the start of the project. At the beginning of the project establishment, an area of 230 sq. km was earmarked for it.

The President reviewed a comparison between the Suez project and similar investment zones, set up worldwide.

President Mubarak also tackled re-developing the area through individual and investment companies in light of studies made.

According to studies prepared by consultant houses, the demand of the project land would reach 60 sq km by 2010 and 84 sq km by 2020.

President Mubarak had decided to reduce the land areas, earmarked from 91 to 51 kilometers; hence, re-considering areas given to the investment company to develop the Area. The still-not-exploited areas would be withdrawn from companies. Also, companies, that have not complied with the timetable they had presented in order to begin their projects, handed over their lands, about 30 sq km.

The President discussed the position of three companies and the precentage of the areas allocated for them. They are Al-Masrya Company for Fertilizers, G.B. Company for Busses, and the Ready-Made Concrete Company.

President Mubarak also reviewed the position of the companies that had already adjusted their positions as well as the industrial development rates in the new industrial cities of Sixth of October, Tenth of Ramadan, East Port Said and Northwest Suez Gulf to compare them with other cities in China, Philippine and Thailand.

Housing Minister Ibrahim Suliman said that the achievements of Al-Masrya and the Concrete Companies hit 100 per cent. The Buss Company achievements hit only 70 per cent. The achievements of an aluminum production company was 95 per cent, another Concrete company 100 per cent, a silicon production company 90 per cent, and porcelain one 100 percent. The Porcelain Company started exporting.

President Mubarak listened to the approach suggested to run the special economic zone in the Suez Gulf project through decreeing the establishment of a general authority.

The concerned Ministries would be represented at the Authority. The President would appoint a Commissioner to chair the Authority by a Republican Decree. The Commissioner would have full competence to run the Zone.

The Authority owns the lands and would be responsible for laying the foundations for their allocation and pricing to a suggested development company.

Also, the President reviewed proposals to set up a development company in charge of the Zone utilities, selling lands, and promoting them locally and internationally.

On Tuesday, the President would carry out a detailed discussion on a draft law on the Northwest Suez Gulf project. the law would put the regulations to run the works in the project.

President Mubarak was briefed on the timetable set to build the project harbour and infrastructure.

Sherif said that the meeting took up the taxes concerning the projects, built in new urban zones after the 10-year legal tax exemption period expired.

During the meeting, Minister of Transport Dr. Ibrahim Al-Demeri reviewed the development and the establishment of airports. This plan which aims at covering tourist movement in Egypt, aims at developing existing international airports for absorbing tourism movement such as Hurghada. Luxor, Sharm E1Sheikh, Abu Simbel and Aswan airports.

In this framework the Minister of Transport reviewed urgent and future plans for developing International Airports in Luxor and Sharm El-Sheikh.

The Minister of Information said the President reviewed prospective development of Luxor international airport in terms of specifications, capacity, air navigation and facilities extended to passengers.

Previous Stories:
  Egypt's domestic debt in safe limits   (12/18/2000)
  Tourism provides 2 million job opportunities   (12/18/2000)
  President reviews development in mega projects   (12/16/2000)

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