Four out of five reconciliations have been completed in Ain El-Sokhna City with a total cost of EGP 4bn, Chairman of the General Authority for Suez Canal Economic Zone, Ahmed Darwish, announced at Cityscape’s Business Breakfast on January 17.
Darwish stressed that the work in Ain El-Sokhna goes in two ways: the first is eliminating any problems facing investors and the second is, in return, attracting new investments to the project. The negotiations are settled concerning the execution of a petrochemical complex, an industrial Chinese developer, new industrial developers, and a city for pharmaceutical industries over an area of 4mn square meters. “There is also a total of 4,000 meters of sidewalks being implemented by nine contracting companies,” he said.
Throughout the past 13 months, contracts were signed covering 25.6 mn square meters, in contrast to the 2 mn – square – meters contrasts of the past 12 years.
By 2032, Darwish expects the area to be one of the top seven most attractive areas for investment worldwide.