Sisi, Crown Prince inspect Suez Canal Economic Zone

March 05, 2018

Saudi Gazette report

— Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, and Egyptian President Abdel Fattah El-Sisi on Monday inspected ongoing projects in Suez Canal Economic Zone as well as the construction and development operations at the ports.

Both leaders were also briefed on national projects at the Suez Canal zone and toured the new Ismailia city as well as the tunnels located below the Suez Canal.

At a ceremony held on the occasion, Sisi and the Crown Prince listened to a presentation on the Suez Canal Economic Zone, which aims to transform Egypt into a global logistics trading center and provide huge investment opportunities in the industrial, service and tourism sectors.

The presentation also dealt with the broad prospects offered by the cooperation between the economic zone of the Suez Canal and the ambitious NEOM project, tipped to be a global trade hub located on the Red Sea coast.

Sisi and the Crown Prince inspected the progress of the Suez Canal underwater tunnel project, which is designed to shorten the transit time of the Suez Canal to only 20 minutes, instead of waiting for days.

Sisi and Crown Prince Muhammad also toured the Suez Canal that took them to Al Fursan Resort in Ismailia, where they opened a resort, which is an integrated tourism project.

The head of Suez Canal Authority, Mohab Mamish, said that 187 projects have been implemented in the economic zone, stressing that there is a large demand from investors to invest in the region.

Crown Prince Muhammad, who is in Egypt as part of his maiden foreign tour as crown prince, and Sisi agreed in talks to bolster economic ties and launch joint projects, particularly in the tourism sector on the Red Sea, said Egyptian presidential spokesman Bassam Radi.

After a fruitful visit to Cairo where the Kingdom and Egypt signed three agreements and investment memorandums of understanding on Sunday evening, Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, will arrive in London on Wednesday on the second leg of his foreign tour.

In London, Crown Prince Muhammad will travel to Windsor Castle for a dinner with the Queen and will have official talks with British Prime Minister Theresa May.

“The arrival of Saudi Crown Prince Muhammad Bin Salman this week presents a unique opportunity for our two countries to usher in a new era of trade and investment,” wrote Omar Bahlaiwa, secretary general of the Saudi Committee for International Trade.

March 05, 2018
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