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SCZone head to visit Moscow to conclude industrial zone negotiations

Monday 04 February 2019 01:27 PM

head of SCA Muhab Mamish.
head of SCA Muhab Mamish.

By Nadia Saber:
Chairman of General Authority for Suez Canal Economic Zone (SCZone) Muhab Mamish is heading to Moscow to complete negotiations on the creation of a company managing Russian industrial zone in East Port Said.
Sources told the economic daily Al-Mal the deputy head of SCZone will accompany Mamish in his visit scheduled to be take place on February 17, adding that some legal procedures relating to the establishment of the Russian company will be finalized.
During the first meeting of SCZone board after new formation, Mamish reviewed SCZone’s successful plan for compromise and settlement of disputes entirely in the zone through friendly settlement with investors, which resulted in projected returns of EGP 3.4bn over the coming years, including revenues of EGP 244mn in the current year.
SCZone’s board, during its meeting yesterday, approved the balance sheet of the fiscal year 2019/20, announcing that the authority brought in net profit of EGP 1.631bn in FY 2017/18 against EGP 1.299 bn in the previous FY, with an increase of EGP 332mn accounting for 26%.
The authority’s revenues totaled EGP 3.132, according to its statement.