Nazif on new economic projects in Egypt
Egypt, Economics, 5/23/2006

Egypt's Prime Minister Ahmed Nazif said that a large number of tourist, industrial and petrochemical projects will be carried out in the upcoming stage, adding that the Egyptian economy will enter the stage of genuine growth through these projects, referring to the new investments worth billions of dollars, which will achieve a big bounce in development.

He said that investment policy in the upcoming stage will be based on taking full care of big investors. In statements to the editors of the Egyptian newspapers on the margin of the World Economic Forum in Sharm El Sheikh he said that Egypt has a clear-cut timetable for achieving political reform and a specific project for amending the constitution in the summer of 2007.

The Prime Minister reviewed some projects which would be announced soon, adding that he would declare on June 11 a project for establishing a big harbor with Arab investments worth $40 billion in Sahl Hashish on the Red Sea.

He said that this project aims at turning Ras Al-Hikma and Northern Coast into a tourism attraction city as this zone lies south of Europe.

The Prime Minister said that this project, which would be established on an area of 100 million square meters would be carried out in agreement with a UAE company.

He said this project would be announced in presence of Sheikh Mohamed Bin Rashid, the UAE Vice President and the ruler of Dubai, indicating that the project would achieve good economic results.

The Prime Minister spoke also about a third massive project which would be established in Nabq region in Sharm El Sheikh with a capital of one billion dollars.

He said that this project would be set up on an area of 7.5 million square meters.

He said there is a high demand on investment in petrochemical industries in Alexandria and Damietta harbor.

He reiterated that a zone similar to Hong Kong would be set up in Alexandria, adding that a qualified industrial zone would be set up in Kafr El Dawar and Borge El Arab.

He said that Al Khorafy Company would carry out a big project linking Marsa Alam region to Luxor through a railway line.

He said that a study is currently being carried out on producing cooking salt from Qaroun Lake, Fayyoum.

He said that this project would observe environmental dimensions and maintains the tourist nature of the zone and cut down salinity in the lake water.

The Prime Minister said the government would carry out a new investment policy which designates a high level official for taking care of every big investor.

Nazif noted that the WEF has proven a real success with more than 1,400 international figures attending.

He noted that the seminar took up a host of important issues in the economic, political and social domains, all centering on means of pushing up investments and accelerating growth rates and reform measures.

Such a resounding success of the forum comes despite the latest violent events in Dahab, said Nazif, hailing the success of the conference as a message of confidence driven home by the international community that Egypt was safe and stable.

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