Egypt has released details of the new industrial zone to be built in Suez to support the Suez Canal expansion. Mohab Mameesh, chairman of the Suez Canal Authority, has confirmed the new project, called SCZone, will comprise 500 square kilometres of industrial facilities.

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.

Mameesh also said the development will create one million jobs over the next 15 years.

The project’s focal points will be spread across the cities of Ismalia, Port Said and Ain Sokhna. The project details outline that Ismailia will be the administrative centre of the SCZone, with the aim to develop ICT and renewable energy programmes.

Lebanon’s Dar al-Handasah won the consultancy contract, in conjunction with its Egypt arm, to oversee the development of a masterplan for the Suez Canal Regional Development Project in August 2014.

On 14 March, Egypt’s Transport Ministry and the UAE’s Al-Suwaidi Group signed a $6bn agreement for the development of two ports in Egypt. The agreement, which was signed at the Egypt Economic Development Conference in Sharm el-Sheikh, will see investment pumped into existing ports at Ain Sokhna and Damietta.

As part of the agreement, Bejing-based China Harbour Engineering Company was also confirmed as the main contractor and operator for the ports.

The deal was facilitated by local investment bank Beltone Financial.

Follow all the latest news from the Egypt Economic Development Conference