The Chairperson of the Suez Canal Economic Zone (SCZone), Mohab Mamish, said that the budget for the fiscal year (FY) 2019/20 was approved with a total of EGP 10.4bn as the largest budget in the history of the Suez Canal Authority (SCA) based on the requirements of investments, such as enhancing some areas and developing the infrastructure. He added that the board adopted the budget for FY 2018/19, where it achieved a net profit of EGP 1.631bn for the FY 2017/18, compared to EGP 1.299bn from the previous year, which is an increase of EGP 332m. The total revenues amounted to EGP 3.132bn, compared to EGP 2.756bn in the previous year, an increase of EGP 376m. While the authority's ports achieved revenues of EGP 2.389bn, compared to EGP 2.368bn in the previous year, a growth of EGP 21m. Mamish added that the success of the authority's plan in settlements was also presented, showing that all disputes within the SCZone were settled with the investors, guided by the decisions of the ministerial group to resolve the investment disputes. Moreover, he explained that this will result in financial revenues of EGP 3.4bn in the coming years on an area of 18m sqm. The SCA achieved revenues of EGP 244m from settlements this year, which confirms its determination to provide an attractive environment for investment, as well as to solve problems and remove the obstacles which face investors. This came during the meeting of the board of directors of the SCZone of the SCA, which is the first board meeting since the prime minister issued its new formation. The meeting was attended by the ministers of investment and international cooperation, transport, trade and industry, and planning, in addition to the governors of Suez, Ismailia, and Port Said. Moreover, among the attendees were Major General Kamel Al Wazir, the chairperson of the armed forces, Engineering Authority; Major General Amir Sayed Ahmed, the advisor to the minister of defence for projects; the new members of experts and vice presidents of the SCZone, and the directors of the legal and financial departments. During the meeting, a number of investment requests were presented, which are being studied by the concerned committees. The board also agreed to complete the negotiations with the Russian side in order to start the procedures for establishing a company to manage the Russian Industrial Zone in East Port Said on an area of 5.25m sqm on three phases.
