World Bulletin / News Desk

Only local companies will be allowed to bid on infrastructure projects associated with Egypt's Suez Canal Development Project, Housing Minister Ibrahim Mehleb said Wednesday.

"Foreign companies will not be allowed to participate in the building of project infrastructure," Mehleb told Anadolu Agency by phone.

The Suez Canal Development Project aims to turn Egypt's Suez Canal into a major trading and industrial hub by building industrial facilities and providing logistical services along the course of the vital waterway.

Through the project, Egypt hopes to raise annual Suez Canal revenue to $100 billion, according to statements made by the government of president Mohamed Morsi before the latter's July 3 ouster at the hands of the military.

Mehleb said that project infrastructure would be paid for with canal revenue.

One of Egypt's chief sources of foreign currency, the Suez Canal brings the country some $5.6 billion in transit fees every year, accounting for roughly 10 percent of Egypt's overall foreign currency revenue.

Sherif Utaifa, advisor to the investment minister, said last week that the government planned to invite international engineering firms to show their designs for the project within one month.