A number of economic sectors will be developed in the Suez Canal Axis Development project, to create job opportunities and transfer residents from the Delta to the Suez Canal area, according to Ahmed Hassan Daoud, Deputy Head of Research and Project Coordinator at the Suez Canal Authority (SCA).
Daoud was speaking at the Cityscape conference, on Tuesday.
He further noted that the project will contribute to attracting foreign direct investments (FDI) to the country and improving the economic image of Egypt to the world.
He then told Daily News Egypt that, in the three areas of Ain Sokhna, Qantara and East Port Said, there will be residential communities for various categories. He noted that the aim of this is to reduce the overpopulation in the Delta area, and encourage employees to move to the Suez Canal area, rather than commuting back and forth.
The aforementioned areas will be the main focus for development until 2030, whereby after that, and until 2050, the focus will be on the development of Sinai, he said.
Real estate development opportunities will not only be limited to residential units, they will also involve commercial and infrastructure projects, which can be exploited in the real estate sector, he added.
Other projects that involve the manufacturing of building materials will also be available, thus opening up doors for real estate development, according to Daoud.
The main priority going forward, however, is going to be for logistics and maritime services, said Montasser Khalil, Logistics and Supply Director at the SCA.
Khalil added that the authority that will be responsible for the zone development has been created and is awaiting the formation of its board of directors (BOD) which is set to be done before the end of the year.
A presidential decree will be issued soon to name the head and two deputies for the authority.
With the formation of the BOD, investors will be able to present their potential projects and identify the investment opportunities available in the area.
The real estate development opportunities in the Suez Canal Axis Development still require clarification, Montaser Abbady, Chairman of Organic Engineering Consultancy told Daily News Egypt. The real estate sector will have a role, but first industrial development must take place, he noted.