Yahia Zaki, head of the Suez Canal Economic Zone (SCZone) said on Wednesday that the authority agreed with the private sector and Egypt's sovereign fund to set up a railway industries factory in the industrial zone, east of Port Said.
"The pace of work in the zone is being accelerated and the implementation of this national project will immediately begin after its approval from concerned bodies," Zaki added in a statement.
He pointed out that the Suez Canal Authority is scheduled to handover 2.5 square kilometers, in the industrial zone, to the industrial developer "East Port Said for Development" after the completion of improvement work and raising efficiency of the land plot at the end of next June.
Zaki indicated that 1.5 square kilometers was delivered earlier, bringing the total area of land suitable for the zone to 4 sq km.
He concluded that the Authority receives this area of land from the Engineering Authority of the Armed Forces from a total of 16 square kilometers as a first stage, where the industrial developer will implement infrastructure and utilities works to start implementing the contracts.
The SCZone is a world-class free zone and trade hub along the banks of the newly-expanded Suez Canal. Strategically located on the main trade route between Europe and Asia, more than eight percent of global trade passes through every year.
Spanning 461 km2, almost two-thirds the size of Singapore, the SCZone consists of two integrated areas, two development areas and four ports.
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