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Egypt bans investors from owning land along Suez Canal
- Egypt: 5 hours, 22 minutes ago
Egyptian housing minister Tareq Wafik has said neither Egyptian nor foreign investors will be allowed to own land along the Suez Canal, according to the terms of the Suez Canal Corridor (SCC) initiative, Ahram has reported. Investors would be allowed to construct projects in partnership with the government on a usufruct basis, the minister said. The initiative will feature a number of large-scale projects, including a 'Technology Valley' in Ismailia and a new tunnel linking the Suez Canal's west bank to the central Sinai Peninsula. It also includes plans to create a major Mediterranean seaport in East Port Said and an industrial zone west of the Gulf of Suez.
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