Gulf of Suez port to be opened in October celebrations

Within the context of the current October 6 victory celebrations will be inaugurated the port, the Gulf of Suez port, which was built using sophisticated technology, comprises quays and engineering works at costs up to LE 650 million and corises an area of 50,000 Feddans.

Following its inauguration, the port will receive ships of a 30,000-ton capacity and will be andditional spring board of activating trade and exports for the projects in the area.

The industrial projects in northwestern Suez drew investments of LE 3.4 billion, including LE 810 million in government finance, while the rest was pumped by the private sector and investors.

The projects include production of polyethylene, ceramics and precious metals.

The mammoth Gulf of Suez project absorbs more than 2.5 million job opportunities and includes a tourist center and an integrated industrial zone whose production will be channeled for export.

Mohammed Farid Khamis, Chairman of the Federation of Egyptian Industries (FEI), said one of the projects to be inaugurated during the current celebrations is petrochemicals and polypropylene plnnt, bilton an area of 245,000 square meters with an issued capital of LE 300 million.

"Investments of phase 1 of the project are estimated to reach LE. 480 million, of which LE240 million was provided as a loan by the National Bank of Egypt, "said Khamis.