Egypt's Mohab Mamish, Chairman of the Suez Canal Authority stated Thursday his country has signed five Memorandums of Understanding (MOUs) with Spain to establish projects in Suez Canal Axis, media reported. Projects will include fish farms to provide food security at reduced prices and other projects in the fields of logistics, medicine and automotive assembly, Mamish added. France is among the countries interested in establishing car assembly projects in Egypt, according to Mamish. Mamish also stated " The Suez Canal income will increase by 250% after the inauguration of the New Suez Canal in August". The deal increases Spanish investments in Egypt which exceed 700 million Euros ($784 million) in the fields of gas, cement, renewable energy, automotive industry and railroads. This comes as Egyptian president Abdulfattah Al-Sisi has held a series of meetings with Spanish politicians and entrepreneurs during a two-day European tour, which also included cyprus.