Cairo - Mubasher: The Egyptian ministry of investment and international cooperation launched the new free zone in Nuweiba.
The general free zone is part of the efforts to redevelop southern Sinai in order to provide join opportunities, especially for women and youth, as per article 236 of the 2014 constitution, minister Sahar Nasr said on Friday, noting that economic development is the best way to combat terrorism and extremism.
The ministry aims at attracting around 150 projects to work in the free zone with investments totalling $2 billion, to provide around 14,000 jobs.
These projects are expected to add nearly $1 billion each year to the gross domestic product (GDP).
New investment incentives providing a 50% tax exemption for three years will be applies to the free zone.
