Egypt eyes bigger exports to Arab, African markets
Egypt has announced the imminent launch of a free zone in Nuweiba, the first in the Sinai Peninsula, and experts believe such a project will boost economic ties with Saudi Arabia and increase Egyptian exports.
CAIRO — CEO of the General Authority for Investment and Free Zones (GAFI) Mohsen Adel announced Dec. 4 that this month would witness the launch of a free zone in Nuweiba with projects that would boost exports to Arab and African markets. This is the first free zone to be established in the Sinai Peninsula.
Adel said on the sidelines of the Egyptian-Saudi Business Council meeting held on Nov. 27 that the zone, which extends over 1 square kilometer (0.4 square miles), would serve as a hub for investors, especially Saudis, being only 10 minutes away from the Saudi city of Tabuk. He noted that in order to facilitate import and export operations, the zone would be linked to a port. He did not specify which port he meant.
He indicated that the purpose of the zone would be primarily industrial. He added that GAFI has experienced a shift in the Saudi investment trends, as it has received a large number of Saudi industrial investment requests after such requests had been focused mainly on real estate.
The foundation stone of the zone was laid July 14 as Minister of Investment and International Cooperation Sahar Nasr visited the southern Sinai Peninsula.
