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  • 01-04-18

    Egypt to launch free economic zone project

    (MENAFN) Egypt was revealed to be looking into a project to create a free economic zone in the Red Sea coastal town of Nuweiba.

    The news was declared in an official statement issued by Egyptian minister of Investment and International Cooperation, Sahar Nasr.

    The minister announced "the government has decided to establish the free zone as part of a comprehensive development plan for Sinai that involves pumping domestic and Arab investments."

    The free zone was also confirmed by South Sinai Governor Khaled Fouda to be completed in around two years, as he stated "the feasibility studies showed it could provide 14,000 job opportunities and bring annual revenues of about 1 billion U.S. dollars."

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