The investment law for Suez Canal development projects will be ready on Wednesday, according to Mohab Mamish, director of the Suez Canal Authority.
“We will participate in the economic summit in March, while the law of public investments in projects is ready to be reviewed by participating investors,” Mamish said while meeting with a delegation from the National Defense College.
According to Mamish, Dar Al-Handasah (Shair and Partners) is working on the general scheme of projects, development of ports of eastern Port Said, Ain Sokhna, Arish and the tourist walkway in Tor city and the technology valley area. Meanwhile the authority, along with the Investment and Finance Ministries, are working on the draft law.
Investors in the canal area need a practical and legal atmosphere to allow them to invest and have a qualified technical workforce, said Mamish. Such measures will be declared in the economic summit, he added.
A committee from the canal authority is working with Spanish consulting offices to set framework for a privately-owned fish-farming company east of the canal. The company will be founded soon after the general framework is set, Mamish added.
In related news, an informed source from the authority said the highest annual revenues since the canal was opened for navigation will be achieved in 2014, estimating them at US$5.4 billion.
The source attributed the high revenues to an increase in shipping vessels passing through the canal.
Edited translation from Al-Masry Al-Youm
