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Suez Canal denies media reports about selling 49% of economic zone to another Arab country

Suez, Egypt (PortSEurope) December 7, 2018 – The Suez Canal Authority has denied media reports that the Egyptian government sold 49% of the Suez Canal Economic Zone to an Arab country, stressing that no land or areas belonging to the economic zone were sold to any Arab country or any other country.

The Authority stressed that the Suez Canal Economic Zone will always be the property of the government and the Egyptian people as one of the most important national projects, and that all that is raised in this regard are just rumors aimed at stirring up confusion among citizens.

The fact of the matter is the negotiations between the Suez Canal Authority and Dubai Ports World Group to establish a company to develop approximately 45 km² in the industrial zone in Ain Sukhna, adding that the Authority owns 51% of the company, while Dubai Ports World Group controls 49%.

The negotiations began since on November 7.

Source: Al Masry Al Youm

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