The Cabinet approve during a meeting Thursday headed by Prime Minister Mostafa Madbouly a draft decision to establish a private free zone under the name “Suez Canal Company for Modern Boats,” (S.A.E.).
The company is to be set up on an area of 51,150 square meters, located in kilometer 8 south of Safaga, next to the South Red Sea Shipyard (SRSS) Company, from the western side to operate in the field of manufacturing and maintenance of yachts and maritime units, with commitment to obtaining all licenses and approvals from competent authorities.
The project aims to manufacture, maintain and export marine yachts on a global scale comparable to European and international arsenals, in a way that contributes to placing Egypt on the global map of the yacht industry, with a view to prospected yielding financial returns in foreign currency, along with its clear positive impact on upping rate of employment and intensive training of workers.
The draft decision stipulated that the company would commit to exporting no less than 100% of its annual production volume outside the country and would also commit to incorporating local component in its products at a rate of no less than 50% within a maximum period of three years from the date of start of operation.
