Egypt has denied claims of ceding land in the Sokhna integrated zone to Qatar's Al Mana Holding, stating that the sustainable aviation fuel project operates under a usufruct system while remaining under full Egyptian sovereignty. The Suez Canal Economic Zone issued a statement clarifying that all land stays state-owned, and the $200 million figure covers investment costs, not a land purchase price.
The Suez Canal Economic Zone (SCZone) confirmed on Thursday that all facilities and industrial areas under its jurisdiction remain state-owned. A statement released through the cabinet's media center explained that the project will yield direct returns such as land usufruct fees, Sokhna port handling charges, and administrative fees, alongside indirect benefits like procuring local raw materials, engaging Egyptian construction firms, and creating thousands of direct jobs for Egyptian workers.
"The land for the Al Mana Holding project… is granted to the company under the usufruct system, as is customary with the authority’s other investment contracts, without ceding any part of it," the SCZone stated. It also noted that tax and customs exemptions are standard investment incentives under SCZone law, not bespoke concessions for one investor.
On commercial viability, Al Mana secured an agreement with Shell to supply its entire production output before signing with the SCZone, backed by thorough financial studies ensuring marketability and return on investment. Sokhna was chosen for its integration with the port—recently awarded a Guinness World Record as the world's deepest man-made port basin—positioning it as a key gateway to the Red Sea and Africa, which cuts production and transport costs for target markets.
Officials called on the public to ignore "misleading information" aimed at undermining major investment projects in the country.