Several Canadian investment projects will be carried out during the current year, according to Fayez Ezzeldin, Chairman of the Canadian Chamber of Commerce in Egypt and the Middle East.
Ezzeldin told Daily News Egypt that the SkyPower Global project to build solar power plants will see investments of $5bn this year. He added that the implementation of the suspension railway project linking 6th of October City and Sheikh Zayed to Cairo and Giza, at a cost of $1.5bn, will also be started this year.
Ezzeldin said that the value of Canadian investments in Egypt totals $4bn, with the most important and successful projects in the car assembling, education and technical training fields. Commenting on the Chinese crisis and devaluation of its currency, Ezzeldin said this may be useful for Egypt, to attract investors who might have previously gone for China.
Egypt has much potential, especially in the economic industrial zones field which is considered important for attracting investments in light of legislative incentives, a relatively low tax rate of 20%, in addition to fixed policies, he said.
A memorandum of understanding (MoU) worth $5bn has been signed by Canada-based SkyPower, International Gulf Development (IGD) and the Egyptian government.
At the March 2015 Economic Summit held in Sharm El-Sheikh, two main deals were signed. As part of the deals were five hotel management agreements worth $2bn that were signed between Fairmont Raffles Hotels and Resorts International and Egypt’s City Stars properties.