The final draft of the legislation that would organise investment in the Suez Canal area was submitted to the Ministry of Transitional Justice in order to be revised. It is expected to be finished within days and approved by President Al-Sisi very soon, said Minister of Investment Ashraf Salman.
Salman added, in statements to Daily News Egypt, that the new Suez Canal project was designated as an economic zone with a special nature, after consulting with all the concerned parties.
Hani Sarie Eldin, Founder and Chairman of Sarie – Eldin & Partners Legal Advisors, is a partner in the coalition that acquired the settling of the blueprint of Suez Canal Axis Project. He announced that the legislative reform committee took its final decision and accepted the regulatory legal framework suggested for the Suez Canal project, designating the project an economic zone of special nature
“It was agreed to present a draft law to amend the economic zones law, No. 83 of the year 2002, with a special nature to work as a regulatory legislative framework of investment in the Suez Canal area,” added Sarie Eldin.
He clarified that the new legislation will turn the area into an economic entity that will have all the authorities of the ministries, governorates and bodies. “The authority will literally be a single-window authority,” according to Sarie Eldin.
As for the amendments on the current economic zones law, Sarie Eldin said that they include allowing the economic authority of the Suez Canal area to establish a major development company and own it completely or in partnership with the private sector, or to leave it to the private sector completely to execute infrastructure projects.
