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