Largest industrial zone in the Middle East built in Suez, Egypt
Egypt, Economics, 9/10/1999

Construction work has started in an area allocated for the economic development of 223 square kilometres in the northeast of the Suez Gulf, just 200 km east of Cairo. It will include the largest international industrial center in the Middle East, according to statements by the Egyptian authorities.

Talaat Hammad, the Egyptian minister in the office of the premier said that the special economic zone in Suez, which was decided to be established in 1984 in coordination with JICA (the Japanese International Cooperation Agency), "will help in attracting some US $44 billion of foreign investments and will help in facilitating the access of Egyptian products to foreign markets."

Some 200 Egyptian and foreign factories will be built in the region, specialized for electronic industries, melting, car manufacturing, petrochemicals and contracting.

This desert area was divided into smaller areas, each of 20 square kilometers. Each square kilometer was sold at 5,000 Egyptian Genie (US $1,470) to Egyptian investors. Those will also be able to divide these areas into smaller ones and resell them to Egyptians and foreigners.

Previous Stories:
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  Second session of consultations between Egypt, Uzbekistan postponed   (9/7/1999)
  Egyptian central bank raises up 500 million dollars in market   (9/2/1999)
  Mubarak addresses privatization projects, investment and future changes   (8/26/1999)

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