GAFI Chief: Suez Canal projects to be proposed for Arab, foreign investors through usufruct

General Authority for Investments and Free Zones (GAFI) Chief Hassan Fahmy said Suez Canal development projects will open the door for Arab and foreign investors, along with Egyptians.
During a visit to the new Suez canal site on Sunday, Fahmy said that government will allocate projects for investors through usufruct, not selling, according to investment law.
“There is attention paid by Japanese investors, in addition to others from several countries like Cyprus, British, US companies, Gulf Cooperation Council countries,” Fahmy said adding that the project will redistribute inhabitants through comprehensive urban projects that target reclamation and cultivation of around four million acres and constructing 3,200 kilometer roads. The project plan targets 42 projects, including six with highest priority.
The plan also aims at building six tunnels including Ismailia tunnel passing by Suez Canal corridor and South Port Said tunnel beneath the canal. There is a project to develop Nuweiba port to turn it into free zone and developing Sharm al-Sheikh airport, he said indicating to other logisitic projects.
Edited translation from Al-Masry Al-Youm

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