A new dawn is upon Egypt with recent news of the major developments taking place with the Suez Canal. As one of the largest projects in the entire history of Egypt, we hope that it will bring countless new prosperous opportunities to our flourishing country. The project has already been able to raise more than 61 billion EGP ($8.5 billion) from investors. Moreover, the new canal section is projected to decrease the waiting period from 11 to 3 hours and to increase the number of ships that can navigate the canal simultaneously from an average of 23 to 97. With the new major improvements just beyond the horizon, officials expect a major economic, commercial, and industrial increase in Egypt. Eldib – Attorneys at Law would like to take this opportunity to offer our services in regards to this project
The Suez Canal Area Development Project (SCADP) aims to transform the area into an international economic and logistics hub through the creation of industrial and logistic centers within the project area. The project’s goal is to benefit from the increased trade traffic through the Suez Canal by establishing relevant value-added activities and complementary industries in the area, as well as increasing exports and imports.
About the Project:
The Project’s geographical region includes:
East and West Port Said’s ports, as well as El Arish Port (in the northern region). Technology Valley Area, East Ismailia (in the central region). Ain Sukhna, El Tor, and Al-Adabia Ports, as well as the Economic Zone in North-west Gulf of Suez (in the southern region). The Project’s current phase aims to prepare a six-month Master plan, to include:
A strategic and integrated master plan to develop the Suez Canal Area, including the establishment of industrial, logistics, agriculture and tourism-related projects and activities, as well as recommendations on the optimal use of the allocated land and human resources. Studies will also look at opportunities for improving utilities and infrastructure in the area to support these activities. The plan will also study the potential environmental and social impact of the project, in coordination with all concerned governmental bodies and civil society organizations. It will also offer a marketing, investment promotion and communication strategy, and a reference guide for perspective investors.
The current phase also includes the review of legislation related to investment within the geographical zone of the project.
We expect to see development of the area surrounding the Suez Canal and establishment of new urban, industrial and economic zones as well as creation of job opportunities through increased economic activity.
In addition, it is expected to attract new investment, which will contribute to state’s Treasury, and be reflected in Egypt’s public budget and services offered to citizens. Also, improvement in global confidence in Egypt’s national economy, and the country’s ability to carry out global economic Projects
Many sectors will be affected by this new project including but not limited to shipping, operations management, industrial, and the commercial sector. In addition, Egypt is currently drafting new and improved Investment Laws as well as Labor Laws, which we would be more than happy to update you with. We will keep you closely informed about the project’s progress.
If you have any enquiries or comments please feel free to contact: