Turkey Approves Development Plans for Istanbul Canal

A view of Istanbul with the Bosphorus Strait and Bosphorus Bridge. (AP file photo)
A view of Istanbul with the Bosphorus Strait and Bosphorus Bridge. (AP file photo)
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Turkey Approves Development Plans for Istanbul Canal

A view of Istanbul with the Bosphorus Strait and Bosphorus Bridge. (AP file photo)
A view of Istanbul with the Bosphorus Strait and Bosphorus Bridge. (AP file photo)

Turkey has approved development plans for a huge canal on the edge of Istanbul, Environment Minister Murat Kurum said on Saturday, advancing a project which has attracted criticism over its cost and environmental impact.

The step came a year after Turkey held its first tender for the reconstruction of two historic bridges in its largest city where the 45km (28 miles) Kanal Istanbul, championed by President Recep Tayyip Erdogan, is set to be dug.

“We have approved the Kanal Istanbul Project development plans and put them out for public consultation. We will rapidly take steps to enrich our country and sacred city with Kanal Istanbul,” Kurum wrote on Twitter.

The canal will connect the Black Sea north of Istanbul to the Marmara Sea to the south and is estimated to cost 75 billion lira ($9.2 billion).

The government says it will ease shipping traffic on the Bosphorus Strait, one of the world’s busiest maritime passages, and prevent accidents similar to that this week on the Suez Canal, where work is continuing to refloat a giant container ship blocking the channel.

But like other major infrastructure projects undertaken during Erdogan’s 18-year rule, the canal has drawn criticism from those who say it will wreak environmental havoc and pollute fresh water resources around the city of 15 million people.

Istanbul Mayor Ekrem Imamoglu, from the main opposition party, is among the staunchest critics of the project. He has said spending resources on the canal while Turkey combats the coronavirus outbreak is “mind boggling.”



Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)
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Saudi Chambers Federation Organizes Saudi-Egyptian Business Forum

An aerial view of Riyadh, Saudi Arabia (SPA)
An aerial view of Riyadh, Saudi Arabia (SPA)

The Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones (GAFI) on Monday held the Saudi-Egyptian Business Forum in Cairo with officials from both countries and 300 Saudi and Egyptian companies to explore prospects for partnership and economic cooperation.

The forum highlighted investment opportunities and incentives in Saudi Arabia and Egypt, as well as the business environment and prospects for partnership in industry, real estate development, tourism and economic zones and free zones, the Saudi Press Agency said on Tuesday.

Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority (SIPA) Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation.

He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SAR60 billion in 2024, marking a 29 percent increase.

GAFI CEO Hossam Heiba emphasized that the Egyptian government is committed to providing an attractive investment environment by continuing to achieve breakthroughs in infrastructure and implementing a series of incentive measures in fiscal, monetary and investment policies.

He also highlighted support for growing incoming investments, particularly Saudi investments, which are a cornerstone of sustainable development in Egypt, noting that a special unit for Saudi investments has been established.

The representative of the Saudi Ministry of Investment Hamad Al-Rasheed reviewed the Kingdom’s efforts to stimulate investment by establishing special economic zones focused on cloud computing, logistics, automotive production, shipbuilding, food, mining and pharmaceuticals.

He also highlighted the launch of the national initiative for global supply chains, aimed at attracting strategic supply chains to the Kingdom and securing regional and global market share in key sectors alongside the Kingdom’s efforts to simplify and digitize procedures.