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Egypt to Establish Free Economic Zone in Nuweiba That Will Create 14,000 New Jobs

Egypt's development prospects are looking pretty good for just the first week of the new year.

Nuweiba

Plans are in the works for establishing Egypt's eleventh free economic zone in Nuweiba, Sinai, according to Daily News Egypt. The plans are a part of a comprehensive development plan for Sinai that involves pumping domestic and Arab investments, according to Sahar Nasr, Egypt’s Minister of Investment and International Cooperation.

Khaled Fouda, governor of South Sinai, stated that the free zone spans up to 26 feddans, will be established inside two years and will open up 14,000 work opportunities.

The governor added that the project would include light industries, navigation services, shops, fish production and many other industries in order to boost tourism and achieve an investment return of $1 billion. Investors funding the zone would earn a 50 percent tax exemption.

Nasr also states that investments and developments help eliminate terrorism, which would be a huge benefit for South Sinai in view of its vulnerability to attack.

Last March, Nasr signed five agreements worth EGP 5 billion with the Kuwait Fund for Arab Economic Development to fund development in Sinai. The first agreement, worth 60 million Kuwaiti Dinars, is funding the construction of a tunnel in Sharm El-Sheikh to develop its infrastructure and routes.


Todays Events
Ghalia Benali @ Cairo Opera House
Concerts
Date: 5/26/2019
Time: 9:30pm - 11:30pm
Venue: Cairo Opera House
Summer Affordable Art Show @ ArtsMart
Exhibitions
Date: 5/26/2019
Time: 12:00pm - 12:0am
Venue: Arts-Mart
Cinema Elforn: A Season in France @ Darb 1718
Film
Date: 5/26/2019
Time: 9:00pm - 11:30pm
Venue: Darb 1718
Time To Practice @ Nun Center
Workshop
Date: 5/26/2019
Time: 8:00am - 6:00pm
Venue: Nun Center
Lanterns on the Terrace @ Emaar Misr
Dining
Date: 5/26/2019
Time: 10:00pm - 3:00am
Venue: Uptown Cairo
Ubuntu Revisited 3 @ Ubuntu Art Gallery
Exhibitions
Date: 5/26/2019
Time: 11:00pm - 4:00pm
Venue: Ubuntu Art Gallery
Iftar & Sohour @ Jayda Nile Terrace
Dining
Date: 5/26/2019
Time: 6:00pm - 3:00am
Venue: Conrad Cairo
Ramadan Iftar & Sohour @ Ayadina
Dining
Date: 5/26/2019
Time: 6:00pm - 3:00am
Venue: Ayadina