Prime Minister Hazem al-Beblawy announced on Monday the official inauguration of the Suez Canal area development project.
He said revenues from the project will lead to Sinai’s development.
“The final plan of the project will be presented to the Cabinet within nine months,” Beblawy said during a press conference held in Ismailia.
Mohab Mamish, head of the Suez Canal Authority, as well as a number of other ministers were also present.
Mamish said that the Suez Canal development project “represents a significant cultural shift.”
He added that the Suez Canal Authority is the official umbrella of the project, in collaboration with the ministries of transport, investment, planning and housing.
“The total area on which the project will be implemented is 76,000 square kilometers, and the total population of the area is 2.7 million people,” added Mamish.
The project involves developing the ports of West Port Said, East Port Said, Ain Sokhna and Arish, in addition to developing the economic area northwest of the Gulf of Suez.
“The total income of the Suez Canal from July to December 2013 was US$2.6 billion, compared to $2.5 billion during the same period last year,” Mamish said.
Mamish said he expects the move to boost to the economy and create opportunity for businesses.
Edited translation from Al-Masry Al-Youm
