The Suez Canal Economic Zone (SCZone) Authority confirmed
that the SCZone and all its industrial areas and facilities are fully
state-owned. They remain under Egyptian sovereignty.
The authority explained that the land allocated to Al Mana
Holding Company for its sustainable aviation fuel (SAF) project in the Ain
Sokhna Integrated Zone is granted under a usufruct system. This is the same
system used in other investment contracts within the zone. No part of the land
was ceded. The $200 million investment represents only the project’s
development costs, not payment for land use.
The Media Center noted that the project generates multiple
direct and indirect returns for the state. Direct returns include fees for land
use, revenues from trading at Ain Sokhna Port, and other administrative fees.
Indirect returns include investment spending that supports the construction and
operations of several Egyptian companies. The project also purchases local raw
materials and creates thousands of direct jobs for Egyptian workers.
The statement clarified that all tax and customs exemptions
serve as investment incentives under SCZone law for special economic zones.
These incentives are general and legal in nature. They are not granted to any
specific investor individually.
The agreement between Al Mana Holding and Shell for the full
purchase of the project’s output was concluded before signing the project
construction contract within the SCZone. It is based on extensive financial
studies. The studies ensure marketing of the products and a return on
investment. This reflects a core economic principle for project feasibility.
The authority added that the project’s location in the
SCZone was chosen to leverage the integration between the industrial area and
the port. It brings production closer to target markets. This enhances
efficiency and reduces costs in manufacturing and transport.
Ain Sokhna Port, recognized by Guinness World Records as the
deepest man-made harbor, serves as a strategic gateway on the Red Sea. It is a
key entry point to Africa. Following recent developments, the port is fully
equipped to handle various types and sizes of vessels with different cargo
capacities.
The authority urged citizens not to be misled by false
information. Such claims target Egypt’s major investment projects and aim to
harm the country’s economic progress.