Negotiations to establish a USD 3.5 billion petrochemical complex in Ain Sokhna are underway, Head of the General Authority for Suez Canal Economic Zone (SCEZ) Ahmed Darwish said on Friday.

The mega project is planned to be established within five years, Darwish said in a speech to the conference of financing and investment for enhancing financial inclusion, stability and combating terrorism, which is organized by the Union of Arab Banks in Sharm el Sheikh.

He added that investors are welcomed to finance the Suez Canal Zone projects, pointing out that the SCEZ is independent in terms of decision-making.

Investors will face no problems in having licenses and establishing companies as the SCEZ has its own taxation department and will soon have a center for investment dispute resolution, Darwish said.