Egypt appoints consultants for land valuation

31 August 2016

General Authority for the Suez Canal Economic Zone has appointed three local firms

Egypt’s General Authority for the Suez Canal Economic Zone (GAESC) has appointed three consultants to value the land of the proposed Suez Canal Economic Zone (SCZone), according to a statement made by the authority’s head, Ahmed Darwish, at a press conference in Cairo.

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.

Earlier this year, Darwish 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.

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