The Investment Ministry and the Suez Canal Authority (SCA) have signed a memorandum of understanding (MoU) that outlines an administrative role for the ministry, in a bid to boost investment in the new Suez Canal Zone (SCZone).

At a press conference during the Egypt Economic Development Conference in Sharm el-Sheikh on 15 March, Mohab Mameesh, chairman of the SCA, said the ministry will provide consultancy services in order to streamline the economic zone laws and the newly passed investment laws.

Ahead of the conference, President Abdul Fattah al-Sisi approved amendments to Egypt’s investment law.

A draft version of the law was approved by the cabinet earlier this month.

On 14 March, Egypt released details of the masterplan for the new industrial zone to be built in Suez to support the Suez Canal’s expansion.

The scheme, which will be home to firms involved in shipping, logistics, information and communications technology (ICT), and energy services, will be made up of six ports along the Suez Canal, with an aim to drive 9 per cent of global seaborne trade through the zone by 2030.