Egypt's Suez Canal Economic Zone authorized to
set up company to manage investments

The Egyptian government on Thursday authorized the General Authority for Suez Canal Economic Zone (SCZone) to set up a joint-stock company called "SCZone Istithmar" to manage investments.

According to a decision published by the official gazette, Egyptian Prime Minister Mostafa Madbouly has approved the move to establish the company, which is tasked with formulating strategic plans to manage the SCZone's current and future investments and set up joint development enterprises with the private sector.

The company will also seek cooperation and establish partnerships with both local and international companies to operate the infrastructure of the SCZone.

Established in August 2015, the SCZone, covering an area of 461 square km along the banks of the Suez Canal, is home to six ports and four development areas.