Prime Minister Mostafa Madbouly stated that the signing of the East Port Said Industrial and Logistics Zone contract with Abu Dhabi Ports was concluded under the industrial developer system, noting that there are 14 other industrial developers operating under the same system, including China's TEDA.
The Prime Minister stated that there was a deliberate attempt to confuse the waterway with the economic zone, which is incorrect.
The Prime Minister made this clear during his regular press conference on Wednesday following the cabinet meeting at its headquarters in the New Administrative Capital.
Madbouly stated that the 15% government revenue share specified in the Abu Dhabi Ports Company contract for the Suez Canal Economic Zone (SCZone) is a minimum, not a fixed percentage. He explained that the contract specifies a minimum percentage of revenue equivalent to the rental value of the land.
The Prime Minister confirmed that the AD Ports contract is based on the industrial developer system, and the contract is a usufruct contract, without ownership, and has no connection to the Suez Canal waterway.
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