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Sunday, 19 June 2016

SCZone project first phase to be completed by 2030, second by 2050

The first phase of the Suez Canal Economic Zone’s development plan will be completed by 2030 and the second and last phases by 2050, SCZone head Ahmed Darwish told President Abdel Fattah El Sisi in a meeting on Thursday, Al Mal reports. The authority approved three projects in Ain Sokhna and east Port Said ports costing around USD 1 bn to increase the ports’ storage capacity, Darwish said. The SCZone project consists of two development projects in the east of Port Said and Ain Sokhna, a logistics hub, a residential area, industrial zones, as well as two development projects in west Qantara and east Ismailia, over 450 sqm, which includes six ports, according to Darwish. It was not immediately clear from the report which projects will be included under which phase of development.

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