Cairo, March 31, 2018 - The Egyptian government on Saturday approved the establishing of a free trade zone in Nuweiba, located some 150 km north of Sharm el Sheikh in South Sinai Governorate, at a total cost of LE40 million, a senior official said. South Sinai Governor Khaled Fouda told a press conference after his meeting with Prime Minister Sherif Esmail in Cairo that the free zone, which covers an area of one million square metres, would create 14,000 job opportunities. The construction works of the planned zone, Governor Fouda said, would cost US$ 1 billion. He said that it would recover its full cost within 10 years. The area's infrastructure will accommodate various investment projects that will help increase the volume of Egypt's exports to international markets, Governor Fouda said. The venture, he continued, would have a number of small industrial ventures for manufacturing furniture for tourist villages and medicines from the available plants in the governorate, he added. Governor Fouda said that work was under way at a US$ 400 million container handling facility in South Sinai in addition to a US$ 350 million upgrading works for the Nuweiba Seaport. These projects will turn South Sinai into an investment hub rather than relying on tourism activities alone, he said. Meanwhile, Investment and International Cooperation Minister Sahar Nasr described the development of Sinai as a top priority for the government. Minister Nasr said the free zone in Nuweiba would be connected with nearby ports to bring about the required integration between the zone and these facilities. She said Sinai's development should not be limited to the field of tourism. She underscored the importance of exploring other areas when it comes to the development of The Sinai Peninsula. Minister Nasr said that 24 per cent of Egypt's exports come from the free zones, which also create millions of jobs in the various governorates. She added that there were 11 free zones in Egypt up till now.
