With Egypt’s huge deficit (14 percent before the latest subsidies reform), the project will require foreign investors to step in. The completion of the development project including the tunnel is of the highest priority in Egypt and is supported at all levels of the governent. [1]“Egypt Plans Extra Stimulus by Year-End, Suez Canal Project,” Reuters, 11 November 2013, Oman Library at the Middle East Institute, http://www.voanews.com/content/reu-egypt-plans-extra-stimulus-suez-cana…, http://weekly.ahram.org.eg/News/6934/18/A-new-Suez-Canal-.aspx, http://www.theguardian.com/world/2014/aug/05/egypt-build-new-suez-canal, http://www.suezcanal.gov.eg/TRstat.aspx?reportId=2, http://al-shorfa.com/en_GB/articles/meii/features/2014/01/15/feature-03, http://www.msrisk.com/africa/troubled-waters-suez-canal-corridor-develo…, http://www.zef.de/fileadmin/webfiles/downloads/projects/politicalreform/The_Aqaba_Special_Economic_Zone_.pdf, http://www.al-monitor.com/pulse/originals/2013/11/egypt-suez-canal-uae-…, Geo-technology trends to watch in MENA in the 2020s, Ethiopia’s domestic problems risk becoming international, In the Middle East, cyber sovereignty hampers economic diversification. The SCC project is intended to work through joint public and private partnerships. It is important that development projections be well examined so that the volume of projected traffic can be handled. The project aims to expand and strengthen the Suez Canal region, and use it as a source of income and an attraction for investment. ©2021 Andersen Tax LLC. [5], The SCCP has been designed for implementation in three phases, over a total of 20 years. The announcement of launching the Suez Canal Corridor Development Project coincided with the 58th anniversary of the nationalization of the Suez Canal. 5- New Suez Canal corridor development project phases. Reuters, “Egypt’s Sisi Says Discussed Creation of Russian Industrial Hub in Egypt as Part of Latest Suez Canal Development Project,” CNBC Business News, 12 August 2014, http://www.cnbc.com/ id/101913793#. The SCCP was conceptualized in the late 1990s as the transformation of the Suez Canal area into a global economic hub, a major residential center, and agricultural zones along the length of the canal and adjacent provinces. The Suez Canal Corridor Area Project, also known as The Great Egyptian Dream is a project launched in 2014 by President Abdel Fattah El Sisi. The SCCP provides an excellent opportunity for both vertical and horizontal integration with other firms and sectors further away from the Suez Canal proper. The SCCP was conceptualized in the late 1990s as the transformation of the Suez Canal area into a global economic hub, a major residential center, and agricultural zones along the length of the canal and adjacent provinces. ... Italian Companies Displaying High Interest Regarding Investing In Suez Canal Project. The “National Suez Canal Corridor Development Project” covers the development of a network of regional roads linking future development areas within the Suez Canal Corridor. Please read these terms and conditions before using the website. The Suez Canal Economic Zone (SCZone) represents a new chapter in the economic development of Egypt. A container terminal as well as shipyard will be built, and a new wave breaker and dock walls and railways and telecommunications equipment will be put in place. [1]“Egypt Plans Extra Stimulus by Year-End, Suez Canal Project,” Reuters, 11 November 2013, http://www.voanews.com/content/reu-egypt-plans-extra-stimulus-suez-cana…, [2] Sherine Abdel-Razek, “A New Suez Canal?” Al-Ahram Weekly, 7 August 2014, http://weekly.ahram.org.eg/News/6934/18/A-new-Suez-Canal-.aspx, [3]Patrick Kingsley, “Egypt to Build New Suez Canal,” The Guardian, 5 August 2014, http://www.theguardian.com/world/2014/aug/05/egypt-build-new-suez-canal, [4]Suez Canal Traffic Statistics, Brief Monthly Statistical Report (2000 - Current Year), http://www.suezcanal.gov.eg/TRstat.aspx?reportId=2, [5]T. Notteboom, “Towards a New Intermediate Hub Region in Container Shipping? Facilities will be built to serve the navigation traffic, associated businesses and industrial projects. In phase 1, Port Said and the Suez ports will be transformed into global warehouses. Hence, the potential for developing services to generate additional revenue is substantial. The Suez Canal has always been a matter of national pride however, in more recent years, it has been truly utilized by the Egyptian government for the benefit of Egypt’s economy and people. Cookie Notice  |   This mega project will provide million job opportunities when the first stages completed, making a real qualitative leap in the national economy. The third phase will set up a technology center in Ismailiya for technology, commerce, communications, and tourism. [13]Kingsley, “Egypt to Build New Suez Canal.”. The project’s aim is to increase the role of the Suez Canal region in international trading and to develop the three canal cities: Suez , Ismailia, and Port said. Moreover, the SCCP must be part of an elaborated national economic development program that includes broader industrial, agricultural, and service sector goals at the national level. Pinterest. Andersen Tax LLC is the founding member firm of Andersen Global, a Swiss verein comprised of legally separate, independent member firms located throughout the world providing services under their own name or the brand "Andersen Tax" or "Andersen Tax & Legal," or "Andersen Legal." [12]Ayah Aman, “UAE Replaces Qatar as Egypt’s Partner on Suez Project,” Al-Monitor, 5 November 2013, http://www.al-monitor.com/pulse/originals/2013/11/egypt-suez-canal-uae-…. andersen tax & legal in egypt, egypt, government, postcard, suez canal. [3] In Europe, ports are able to charge $2,000-3,000 per container for associated value added services, which the Suez Canal at present cannot provide. A technology valley in Ismailia, an industrial zone west of the Gulf of Suez, and three tunnels to connect the banks of the Canal Zone are also part of the plan. A final challenge is securing operating expenses: One take away lesson from similar projects is that the payoffs are gradual, not immediate. SITE MAP But the mega project must be carefully planned and properly managed and lessons must be learned from similar attempts in other countries; otherwise, the project also risks draining valuable resources. The plan of implementing the Suez Canal Corridor Development Project includes in general carrying out 42 projects in general, six of which have top priority. 1763 N St. NW, Washington D.C. 20036. Middle East Institute Accessibility, From Egypt: The Suez Canal Corridor Area Project – Project of the Century, State & Local Taxation Compliance & Planning, International Tax Consulting & Compliance, Income Tax Planning & Compliance Services, Individuals & Families with International Wealth, State Income, Franchise & Gross Receipts Tax, Software Development - Opportunities for Tax Benefits, Accounting Services for Closely-Held Businesses, Valuation Services for Alternative Investment Funds, Acquisitions, Mergers, Divestitures and Strategic Planning. The Suez Canal has been an important part of the Egyptian economy since its completion almost a century and half ago. [1] The area designated for the project is about 160 km, The government hopes that the SCCP will become a major growth engine in Egypt, and planners will have to carefully map out governing structures and laws related to the SCCP. The industrial zone is bounded by Suez-Hurghada Road … Continued Work has already begun on a new 72-km-long waterway, which will run parallel to the current canal; about half of it will be dug fresh, and half will expand the existing canal. Adel al-Lamei, chairman of the Port Said Maritime Chamber, estimates that the initial cost of project infrastructure will be about $20 billion[5]; other estimates run as high as $100 billion. In 2008, the China-Egypt Suez Economic and Trade Cooperation Zone Project kicked off with the first-phase construction of a 1.34-square-km area. 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