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Saudi Egyptian firm with $3bn capital to invest in Suez Canal

Saudi Egyptian firm with $3bn capital to invest in Suez Canal
Sheikh Saleh Kamel, Head of the Saudi Egyptian Business Council announced the establishment of a new company, ‘Bridges’, with $3 billion capital to invest in the Suez Canal Axis project, as a contribution from the council in the national project, Youm7 reported.
The statement came during Kamel’s visit to Suez Canal project, accompanied with Mohab Memish, Head of Suez Canal Authority (SCA).
The new Suez Canal is the flagship project in President Abdel Fattah El-Sisi's programme to revive an economy battered by years of political turmoil.
Egypt hopes the new canal will more than double revenues from the waterway by 2023 to $13.5 billion from $5 billion. It also plans to develop 76,000 sq km (29,000 sq miles) in the area into an international industrial and logistics hub to attract more ships and generate income.