Cabinet approves strategic warehouses, wind energy projects in Suez

Updated 9/11/2024 1:33:00 PM

Arab Finance: The Egyptian cabinet has approved a draft resolution to classify the Suez Warehouses Company project as one of the country’s strategic initiatives, as per a statement.

The decision grants the company a single approval for the design, construction, operation, management, and maintenance of a strategic warehouse in Ataqa, Suez Governorate, on an area of 13.3 feddans.

This project is part of a broader plan to establish strategic warehouses across Egypt, aimed at securing strategic goods and monitoring supplies through advanced technology.

The initiative targets both foreign and local companies in e-commerce and logistics, offering high-density storage solutions.

In addition, the cabinet approved the Suez Wind Energy Company project as a strategic endeavor.

The project will involve the development of wind energy stations on two plots in the Gulf of Suez and Gebel El Zeit areas, spanning 195.3 square kilometers.

The initiative is expected to produce 4.9 million megawatts of clean wind energy annually, reducing carbon dioxide emissions by around 2.1 million tons per year.

It also aims to localize modern wind turbine technology and integrate artificial intelligence for monitoring and control.

The cabinet further gave the green light to a financing agreement for the regional program INTERREG NEXT MED, which will see Egypt participate in projects aimed at enhancing the economic and social development of Mediterranean countries between 2021 and 2027.

Egypt previously contributed to 26 projects under this program from 2014 to 2020.

Finally, Egypt's accession to the Makkah Al-Mukarramah Convention for cooperation in anti-corruption efforts was approved.

This move will strengthen international collaboration on law enforcement, training, and the exchange of expertise in combating corruption among member states of the Organization of Islamic Cooperation (OIC).

In another decision, the cabinet extended the period for regularizing the status and legalizing the residence of foreigners residing illegally in Egypt for an additional year.