SCZONE, China agree on 11 projects with $15.6B investments

CAIRO - 6 November 2023: The Suez Canal Economic Zone (SCZONE) is collaborating with China on 11 projects, valued at $15.6 billion, following the promotional tour led by SCZONE Chairman, Walid Gamal El-Din.

During the tour, the chairman engaged in 12 meetings with various companies and conducted on-site visits to factories and businesses in four cities: Hangzhou, Suzhou, Hefei, and Beijing.

In a meeting with Prime Minister Mostafa Madbouly, El-Din discussed the outcomes of the promotional tour to China, which occurred from October 15 to 18, 2023.

El-Din mentioned that new agreements and contracts were executed to attract investments across different sectors, with a particular focus on green fuel and manufacturing. These projects will span over a total area of 4.9 million square meters and are expected to generate approximately 9,000 job opportunities.

Regarding the agreements signed during the tour, Xinxing Cathay International Group intends to invest approximately $1.08 billion in constructing two factories within SCZone. The allocation of funds will be as follows: $930 million for the development of a steel factory and $147 million for establishing a factory dedicated to producing cast iron pipes.

Moreover, SCZone entered into several agreements to establish new energy projects. Notably, a Memorandum of Understanding (MoU) was signed with Chinese energy companies to establish a new green ammonia and green hydrogen project in the Sokhna Industrial Zone. The estimated investments for this initiative amount to $6.75 billion.