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South Sinai to hold international conference to promote investment opportunities in 2020 - Daily News Egypt

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South Sinai to hold international conference to promote investment opportunities in 2020

First phase of King Salman University to open in Q1 of 2020

South Sinai governorate plans to hold an international conference to promote investment opportunities next year.

The governor of South Sinai, Khaled Fouda, told Daily News Egypt that the conference will present investment opportunities for Arab and other foreign countries in South Sinai’s sectors of tourism, industry, and energy.

Fouda revealed that the opening of the first phase of King Salman University will be during the first quarter of next year.

All phases will be fully completed on 30 June next year for $500m funded by Saudi banks, Fouda added.

The university covers an area of 3,00 feddan spread over three cities, El Tor, Sharm El Sheikh, and Ras Sudr. It will create 20,000 jobs.

He added that the government aims to establish an industrial city in the Abu Zenima area on an area of about 5,000 feddan.

He pointed out that a meeting will be held on the 29 of this month with Yahya Zaki, president of the Suez Canal Economic Zone, and Sherif Ismail, the advisor to President Abdel Fattah Al-Sisi, to present the feasibility study and the detailed plan for the industrial zone’s establishment to be submitted to Al-Sisi for approval.

He explained that the expected period for the inauguration of the industrial zone after approval is between 2-3 years, and will include several different industries.

Fouda explained that the government has provided electricity for the industrial zone by about 15 MW, as it has a surplus of about 160 MW in the electrical grid in South Sinai.

The governor of South Sinai said the industrial zone would have infrastructure and logistics services and would provide several jobs for the people of Sinai.

Fouda said that the tourist occupancy rate is high in the province, noting that they aim to attract more Ukrainian tourists in the coming period and create conditions that would allow for the return of Russian tourists.

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