The Suez Canal Economic Zone (SCZONE) signed five major framework agreements, valued at a $234 million. These agreements have been reached with private sector companies operating across various industrial sectors.
The total investment amount will be divided into LE 1.2 billion and $195 million. The SCZONE aims to leverage these agreements to capitalize on Egypt’s resources and provide incentives to attract more investors.
Here's a breakdown of the five agreements:
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Apparel manufacturing: Aurajlo Company for Garment Industry will construct a state-of-the-art apparel manufacturing facility spanning over 75,000 square meters. The project, valued at $150 million, will operate under the usufruct system, effectively granting the company the right to use and develop the land for a defined period
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Plastic recycling: A subsidiary of the Youssef Allam Group will embark on an ambitious PET plastic recycling project. With an investment of $15 million, the facility will cover an area of 10,000 square meters
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Textile and Dyeing: Jade Textile is set to establish a cutting-edge textile and dyeing project, spanning an impressive area of 100,000 square meters with total investments of $65 million
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Pharmaceutical manufacturing: Orchidia Pharmaceutical Industries will build a pharmaceutical factory across 10,000 square meters with investments exceeding LE 1 billion
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Wood industry: El Hamd Company's wood industry project will occupy an area of 12,700 square meters with investments amounting to LE 129 million
The Chairman of SCZONE, Walid Gamal El Din, revealed that these five agreements are just the beginning, as negotiations for an additional 50 agreements are currently underway.
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