Sources: Egypt Awards Suez Hub Project To Consortium That Includes Army
Egypt has a chosen a consortium that includes the Egyptian army and global engineering firm Dar al-Handasah to develop an international industrial and logistics hub in the Suez Canal area, government and military sources said on Sunday. The Suez Canal is the fastest shipping route between Europe and Asia and brings in around $5 billion of revenues per year, a vital source of hard currency for Egypt which has suffered a slump in tourism and foreign investment since a 2011 uprising. To attract more ships and generate more income, the country has had plans to develop 76,000 square kilometers (29,000 square miles) around the canal for years.
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