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Monday, 19 March 2018

SCZone expects Ain Sokhna multi-use zone to reel in USD 60 bn in investments

INVESTMENT WATCH- SCZone expects investments in Ain Sokhna multi-use zone to reach USD 60 bn: The Suez Canal Economic Zone (SCZone) expects the first phase of the Ain Sokhna multi-use zone it is developing with DP World to reel in investments worth USD 60 bn, SCZone’s head of investments Tarek Hashem tells Al Mal. The partners expect to begin tendering land in the zone for industrial projects in one year, once infrastructure development is complete. The zone will focus on attracting projects in auto parts, building materials, electronics, medical equipment, petrochemicals, and textiles. DP World and the SCZone had signed contracts last month to start development work on the 30 sq km first phase of the zone, which will include industrial and residential areas. A delegation from DP World is currently in town to iron out the technical details of the zone’s development, according to Hashem.

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