The Suez Canal Authority Chairman Mohab Mamish said the East Port Said harbor will be finalized in 2018.

In an interview with MENA, he noted that the authority is implementing short, medium and long term projects for developing the ports of Ain Sokhna and East Port Said.

He said all countries, especially Arab and Gulf ones, can invest in the Suez Canal zone, noting that efforts are underway to amend investment laws to further attract investors.

He noted that the authority's projects will secure one million jobs for Egyptian youths by 2030.

Meanwhile, he noted that the Suez Canal revenues rose in the first quarter of 2016 in comparison with the corresponding period of 2015 despite international trade stagnation and a drop in oil prices.

Mamish made the remarks on the fringe of his visit to Kuwait to ink a memorandum of understanding with the Kuwait Petroleum Corporation (KPC) to allow Kuwaiti oil tankers to cross the international waterway.

As the Suez Canal Authority is adopting a new marketing strategy to increase the number of ships transiting its watercourse, the authority signed during his visit to Saudi Arabia two months ago an agreement on transferring the kingdom's oil through the canal, he said.

He added that the agreement with Saudi Arabia has been put into effect.

Source: MENA