Saturday June 10th, 2023
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UAE Injects EGP 40bn in Suez and Damietta

Spearheading two major projects, the Emirates' new investments in Egypt will see a commercial district near the Suez Canal and a food logistics centre in Damietta create thousands of new jobs.

Staff Writer

Since the 30th of June uprising that removed Morsi from office, the Emirates have been really good to Egypt, loaning and investing wherever they can to help prevent an economic collapse. The latest big investment announced is by the Emirates’ Al-Sweidan Holding Company, who plans to invest EGP 40 billion for two projects that will aid Egypt’s recovery.

The first project will be to construct a commerce and shopping district close to the Suez Canal axis. In scope, the project will cover 4.2 million square metres and is projected to create half a million jobs after the completion of the first phase.

The second project aims to establish a logistics centre for food products in Damietta. According to Minister of Supply Khaled Hanaf, “The centre aims to transform Egypt into a hub for logistical, global storage.” This massive undertaking will require cooperation from the Ministries of Transportation and Housing, and hopes to transform Damietta into sustainable viable city complete with job opportunities and a facility that can store, handle, and package grain.

As it stands, the ministry plans to create three international logistics centres for food commodities. With this deal in place Egypt has secured that at least one of the three centres will be built in Damietta, while East Port Said and Safaga are being eyed for the other two. The only question remaining is who will provide the funding for the other two as all three logistics centres are estimated to cost around EGP 13bn.

If we were a betting culture, our money would remain on the Emirates, which have proven time and time again that they will support Egypt to no end, recognising that a stable Egypt makes for a stable Middle East.