Suez Canal officials discussed several major planned investments in the canal’s economic zone on Monday.

The head of the Suez Canal Authority (SCA) and the Suez Canal Economic Zone (SCZone) Mohab Memish chaired a meeting of the ordinary general assembly of the Main Development Co. for the Economic Zone at the North West of Suez Gulf (MDC), in the attendance of the firm's managing director Abdel Nasser El-Refaie to discuss investments in the north-west of the Gulf of Suez, the development process in the region and the projects being mulled, according to a statement released by the SCZone.

During the meeting, the officials also reviewed final contracts for developing 13.3 million square metres out of a total 20.4 million square metres, as a result of contracts inked with firms such as Egypt TEDA, Carbon Holdings, ECOBAT and Raya Holding Co.

They also reviewed the main contracts which are being negotiated, including one which would establish a petrochemicals industrial complex on an area of 900,000 square metres, to produce propylene derivatives, with investments worth $1 billion.

The project would provide 4,000 job opportunities, the statement added.

Another possible project would see the construction of an industrial complex to produce gas derivatives on 2 million square metres with investments estimated at $10 billion, expected to create 27,000 direct and indirect job opportunities.

The MDC is an Egyptian shareholding company whose main role is to plan, design, finance, construct, operate, manage and maintain the Suez Canal Economic Zone’s infrastructure, utilities, networks and services, by itself or through specialised industrial developers, in addition to promoting the economic zone and attracting investments.