Suez Canal Economic Zone eyes $2bn foreign investment

suez canal
Suez Canal Economic Zone has spoken to a number of British firms as part of an effort to attract $2bn of foreign investment, according to a report.

“Several projects were presented to a delegation of eight British companies,” Ahmed M Darwish, chairman, general authority for Suez Canal Economic Zone, was quoted as saying by Zawya Projects.

The eight UK-based companies were Weston + Williamson & Partners, Mott MacDonald, Carillion, Bridjes, Kadmos Consultants, Sarks UK, LF Fast house and Maximus.

The projects comprise a ceramics plant, a steel plant, an oil refinery, a paper manufacturing complex, a logistics service centre and an aluminium complex on an area of five million square metres.

The report comes as new figures revealed revenues at Suez Canal declined by 4% in January, compared to the same period in 2016. Total revenues registered $395.2m in January against $411.8m in the same month in 2016.

In a bid to increase traffic and revenues, the Suez Canal Authority recently extended its initiative to hand out rebates to containerships coming from ports of the East Coast of America heading to South and South East Asian ports.

The authority grants all containerships coming from ports north of the Port of Norfolk on the US East Coast and heading to Port Klang and ports eastwards a 45% rebate on canal tolls.

For ports south of Norfolk vessels departing and calling Port Klang and eastwards will continue to be granted a 65% rebate in tolls, while those calling Colombo and eastwards will be given a 55% rebate.