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EGP 1bn settlement between Mamish, Suez Industrial Development Company - Daily News Egypt

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EGP 1bn settlement between Mamish, Suez Industrial Development Company

Suez Canal Authority open to principle of friendly settlement, says Mamish

A settlement agreement to resolve the status of the 2.266m sqm land allocated to the Suez Industrial Development Company (SIDC), at the economic zone to the northwest of the Gulf of Suez, at a value of EGP 1bn, was signed on Tuesday.

The agreement was signed by Mohab Mamish, head of the Suez Canal Authority and chairperson of the Suez Canal Economic Zone (SCZone) and Amr Hassaballah, chairperson of the board of the Suez Industrial Development Company (SIDC). This came as part of the efforts by the ministerial committee for settling investment disputes.

Minister of Investment and International Cooperation Sahar Nasr explained that this agreement comes in the framework of coordination between the ministry and the SCZone, to remove any obstacles facing investors who could not fulfill their obligations, while fully preserving the state’s rights.

“The Suez Canal Authority is open to the principle of friendly settlement, as long as it does not harm the rights of the state, and achieves the desired results. We are keen to support investments, improve the investment climate, and strengthen the existing partnership between investors for the benefit of Egypt,” said Mamish.

On the other hand, Hassaballah said that he appreciates the ministerial committee’s efforts, adding that the SIDC is one of the early industrial developers in the SCZone and is committed to the development of the land allocated to it in the region and increasing its investments, pointing out that three new contracts will be signed with companies in the ceramics and medical devices industries.

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