SCZone one step closer to launching investment arm: The Suez Canal Economic Zone (SCZone) has received cabinet’s approval to set up a joint-stock investment company named SCZone Istithmar, according to a decision published in the Official Gazette on Thursday.

The company’s role: SCZone Istithmar will strategically plan and manage the authority’s current and future investments. It will also help establish industrial development and utilities companies that serve the SCZone in partnership with private investors, both local and international.

The company has been in the works since at least last year: The SCZone in November announced plans to establish an investment company as part of a package of measures designed to boost FDI inflows, explaining that the company would channel finance into projects being established in the zone.

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