Saudi investors to propose 45 projects as New Suez Canal opens

Saudi investors will propose 45 projects, including ventures in the field of refining petroleum products, after the New Suez Canal inauguration later Thursday, Egyptian Investment Minister Ashraf Salman said.

As Egyptian President Abdel Fattah El Sisi will launch seven new national projects during the inauguration of the New Suez Canal, including developing the Suez Canal Corridor, the Egyptian government will work on establishing an independent industrial zone at a request from several Saudi investors to establish mammoth projects within the framework of the Suez Canal axis development ventures, he said in statements to the Saudi newspaper Okaz.

Proposed projects include establishing free trade zones in Ismailia and Suez as well as three tunnels to link the eastern and western Suez Canal banks.

The minister noted that Saudi investments will be given momentum in the coming period, lauding Saudi Arabia's support to Egypt.

Salman expected Arab and international investments in the Suez Canal axis development projects to reach 100 billion dollars in 2023.
Source: MENA