The Suez Canal Economic Zone (SCZONE) has issued a statement Tuesday to correct misinformation circulating about its recently signed agreement with UAE's AD Ports Group for the development of the KIZAD East Port Said industrial and logistics area. The statement emphasised that the 20 million square metre project falls under its jurisdiction and is unrelated to the Suez Canal's navigation route, which remains under the management of the Suez Canal Authority. The project, located within the East Port Said Industrial Zone, is part of the Economic Zone's broader development strategy. The agreement is based on a "usufruct contract"—a legal framework commonly used in Egypt's special economic zones, including other industrial developments in the area. AD Ports Group will be responsible for the development and operation of the industrial zone, with the first phase slated for completion by the end of 2025. This phase includes critical infrastructure such as power distribution stations and wastewater treatment facilities. The KIZAD East Port Said project aims to create a self-sustained industrial hub, with residential units for workers, technical training centres, hospitals, and schools, contributing to the development of a modern industrial community. The SCZONE pointed out that the project will bring not only direct economic benefits but also opportunities for technology transfer, job creation, and enhanced tax revenues for Egypt. The SCZONE urged the public to verify information from official channels, reaffirming that its media office remains the sole source for accurate updates on its projects. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
