SCZone to set up a company to manage its investments

CAIRO - 6 August 2023: The Suez Canal Economic Zone (SCZone) will set up a joint-stock investment company called SCZone Istithmar to manage investments, according to the official gazette.

The Egyptian Cabinet headed by Prime Minister Mostafa Madbouly approved the company’s establishment. SCZone Istithmar will formulate strategic plans to manage SCZone’s current and future investments and set up joint development enterprises with the private sector.

When established, the company will operate the basic facilities within the economic zone's scope, in partnership with international and local private investment.

On August 1, the SCZone Chairman Walid Gamal El-Din witnessed the signing of a contract to allocate a plot of land with an area of ​​20,000 square meters in SCZone to Mienta, a French household appliances company. Mienta will establish its third factory and warehouse with $5 million in investments.

The SCZone chairman expressed this deal will be attracting more foreign investments within the Industria zone in Sokhna, reflecting foreign investors’ confidence in the investment climate in the SCZone.

Earlier in June, the Suez Canal revenues reached $9.4 billion in the current fiscal year 2022/2023, compared to $7 billion in fiscal year 2021/2022. In a press conference, Suez Canal Authority Chairman Osama Rabie attributed the Suez Canal's revenue increase to factors such as the Ukrainian-Russian war and ongoing development projects by the SCA, among other factors.