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Reading: EGP 1bn settlement between Mamish, Suez Industrial Development Company
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Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
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Dailynewsegypt > Blog > Business > Economy > EGP 1bn settlement between Mamish, Suez Industrial Development Company
Economy

EGP 1bn settlement between Mamish, Suez Industrial Development Company

Mohamed Samir
Last updated: 2018/01/16 at 7:22 PM
By Mohamed Samir 2 Min Read
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A settlement agreement to resolve the status of the 2.266m sqm land allocated to the Suez Industrial Development Company (SIDC), at the economic zone to the northwest of the Gulf of Suez, at a value of EGP 1bn, was signed on Tuesday.

The agreement was signed by Mohab Mamish, head of the Suez Canal Authority and chairperson of the Suez Canal Economic Zone (SCZone) and Amr Hassaballah, chairperson of the board of the Suez Industrial Development Company (SIDC). This came as part of the efforts by the ministerial committee for settling investment disputes.

Minister of Investment and International Cooperation Sahar Nasr explained that this agreement comes in the framework of coordination between the ministry and the SCZone, to remove any obstacles facing investors who could not fulfill their obligations, while fully preserving the state’s rights.

“The Suez Canal Authority is open to the principle of friendly settlement, as long as it does not harm the rights of the state, and achieves the desired results. We are keen to support investments, improve the investment climate, and strengthen the existing partnership between investors for the benefit of Egypt,” said Mamish.

On the other hand, Hassaballah said that he appreciates the ministerial committee’s efforts, adding that the SIDC is one of the early industrial developers in the SCZone and is committed to the development of the land allocated to it in the region and increasing its investments, pointing out that three new contracts will be signed with companies in the ceramics and medical devices industries.

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TAGGED: Mamish, Suez Industrial Development Company
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By Mohamed Samir
Mohamed Samir Khedr is an economic and political journalist, and analyst specialising in geopolitical conflicts in the Middle East, Africa and the Eastern Mediterranean. Over the past decade, he covered Egypt's and the MENA region's financial, business, and geopolitical updates. He is currently the Executive Editor of the Daily News Egypt. Twitter: https://twitter.com/Moh_S_Khedr LinkedIn: https://www.linkedin.com/in/mohamed-samir-khedr/
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Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
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Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
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