Cairo – Mubasher: Egypt’s General Authority for the Suez Canal Economic Zone (SCZone) awarded Saturday a group of Arab countries, known as ASEC-Capital alliance, a construction contract worth $3.3 billion to develop the industrial zone in the Gulf of Suez.
The alliance consists of a group of companies from Saudi Arabia, Lebanon, Egypt, UAE and other countries that will be developing 6 million sqm in the northwest Gulf of Suez.
The alliance’s representative executive committee member, Ahmed Sabri, said the volume of investments in the project’s infrastructure amounts to $300 million. Moreover, 120 factories and an integrated business city are targeted to be built with investments of $3.3 billion, he added.
Earlier on King Salman’s visit, Saudi Arabia flushed Egypt with billion of dollars to develop the Sinai Peninsula by injecting $1.5 billion in 11 investments, including King Salman University in Tur Sinai, projects in poultry farming and land reclamation, as well as other investments in New Suez Canal.
