The project aims to manufacture, maintain, and export marine yachts at a global level comparable to European and international standards
The Egyptian Cabinet approved a draft decision to establish the Suez Canal Company for Modern Boats (S.A.E.) a free zone to work in manufacturing maintenance of yachts and marine units, committed to obtaining all licenses and approvals from the competent authorities.
The project aims to manufacture, maintain, and export marine yachts at a global level comparable to European and international standards, The Egyptian yacht industry has the potential to gain global recognition and contribute to the country's economy through foreign currency earnings.
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 using a 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.
The zone has a positive effect on the employment and training of skilled workers, elevating their expertise and enhancing their employability, according to the Cabinet statement.
