Get this the free economic zone will not only offer job opportunities but also prevents terrorism and attract tourism in South Sinai, which is a triple win. Plans are in the works for establishing Egypt’s eleventh free economic zone in Nuweiba, Sinai.
The plans are a part of a comprehensive development plan for Sinai that involves, pumping domestic and Arab investments, according to Egypt’s Minister of Investment and International Cooperation, Sahar Nasr.
Governor of South Sinai, Khaled Fouda, stated that the free zone spans up to 26 feddans, will be established inside two years and will open up to 14,000 work opportunities. The governor also added that the project will include: light industries, navigation services, shops, fish production and many other industries in order to boost tourism and achieve an investment return of 1 billion dollars. Investors funding the zone would earn 50 percent tax exemption.
Nasr also states that investments and developments help eliminate terrorism, which would be a huge benefit for South Sinai in view of its vulnerability to attack.
Last March, Nasr signed five agreements worth 5 billion EGP with the Kuwait Fund for Arab Economic Development to fund development in Sinai. The first agreement, worth 60 million Kuwaiti Dinars, is funding the construction of a tunnel in Sharm El-Sheikh to develop its infrastructure and routes.