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Egypt: Free Zone will contribute to the reconstruction of Iraq and provide 14 thousand jobs
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The Egyptian cabinet on Saturday approved the establishment of a free zone in Nuweiba in South Sinai Governorate on an area of 1 million square meters with infrastructure investments of up to 40 million dollars, while it will contribute to the reconstruction of Iraq and Syria and provide 14 thousand jobs.
"The Council of Ministers unanimously approved the establishment of a free zone, which will have a positive impact on the diversification of economic activity and provide job opportunities for the sons of Sinai and contribute to the projects of economic integration," said Khaled Fouda, governor of South Sinai, in remarks published by the Egyptian newspaper Al-Ahram. Between Egypt and the Arab Mashreq countries, including the "Neum" project which is still in the study phase.
He pointed out that the investment income in the region reaches one billion dollars, and the region will benefit from the port of Nuweiba, which has been updated, while the region is characterized by infrastructure, roads and gas also the presence of a large number of hotels in the region.
He pointed out that the Minister of Transport laid the foundation stone for the container terminal at the port of Nuweiba at a cost of 400 million dollars in cooperation with the Chinese side, stressing that the free zone will contribute to the reconstruction of Iraq and Syria as a major outlet for these countries and contribute to the provision of 14 thousand direct jobs.
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