The Egyptian Cabinet’s Information and Decision Support Center (IDSC) denied rumors circulated by some websites and social networking pages, about Egypt selling 49 percent of the Suez Canal Economic Zone to another Arab country. The IDSC contacted the Suez Canal Authority, which completely denied the news, asserting that the Economic Zone of the Suez Canal would never be sold to any Arab or foreign country, and would remain under possession of the state, being one of the largest and most important national projects. Such rumors, the IDSC’s statement continued, aim to stir up confusion among citizens, and negatively affect contracts underway with other countries for the Economic Zone. The Suez Canal Authority held negotiations with DP World Group, to establish a company which could develop roughly 45 square kilometers in the industrial zone in Ein El-Sokhna, using the usufruct system in accordance with Economic Zone Law No. This partnership will aim to attract international companies and investors to invest in the zone, according to the statement.

Source: Egypt Independent December 07, 2018 11:26 UTC