Egypts General Authority for Suez Canal Economic Zone (GAESC) is set to develop an industrial zone within the proposed Suez Canal Economic Zone (SCZone) to cater for the automotive industry, according to a statement from the SCZones chairman Ahmed Darwish.
The statement said that the automotive zone will be built on an area ranging from 100,000 to 200,000 square metres.
Darwish also said in the statement that the SCZone authority is currently in direct talks with a number of international auto firms regarding investment in the proposed zone.
Earlier this year MEED reported that Egypts GAESC has appointed three consultants to value the land of the proposed SCZone.
GAESC has appointed three local firms Misr Capital, Al-Nour Consulting Group and Global Appraisal Tech (GAT) to carry out various studies in order to value the land in the West and East Port Said, Ain Sokhna, Adabia, Al-Arish, and El-Tor areas.
Darwish also previously told MEED the investment needed is estimated at $50bn, with $20bn in industrial and other areas, $15bn for infrastructure and utilities, and $15bn for enhancing ports.
Cairo is currently planning to develop a master industrial and logistics zone surrounding the main ports of the Suez Canal. The government recently approved a draft decree establishing GAESC, changing the area into an economic authority and allowing the SCZone to act as a single window able to deal with investors directly.