Egypt's Cabinet Media Centre on Thursday dismissed claims that the country had ceded land in Sokhna to Qatari company Al Mana Holding without financial or investment returns, saying the project generates significant economic benefits and jobs. The Suez Canal Economic Zone Authority (SCZONE) clarified that the land for Al Mana's sustainable aviation fuel project is granted under a standard usufruct arrangement used in all investment contracts in the zone, with no transfer of ownership. The cited $200 million represents project investment costs, not payment for the land. SCZONE noted the project delivers direct benefits, including land-use fees and port transaction charges at Sokhna Port, and indirect benefits through local procurement, construction work, and the creation of thousands of jobs for Egyptian workers. The statement also clarified that tax and customs exemptions are general investment incentives under law, not privileges for any single company. Al Mana previously signed a supply agreement with Shell to market the project's full output. The location in the integrated Sokhna zone leverages proximity to the deepest man-made port basin in the world, enhancing efficiency in production and transport and supporting Egypt's goal of developing the port as a regional energy and industrial hub. The Cabinet Media Centre urged citizens not to be misled by false information that could harm major investment initiatives in Egypt. Attribution: Amwal Al Ghad English
