SCZone's revenues surge by 54% during FY23/24 until end of February 2024

CAIRO – 31 March 2024:  The Suez Canal Economic Zone’s (SCZone) revenues experienced a 54 percent during the fiscal year (FY) 2023/2024 until February 29, 2024, to reached LE 5.3 billion, surpassing the LE 3.5 billion recorded previously.

 

During a meeting of the authority's Board of Directors to discuss the financial and promotional positions for FY2023/2024 until the end of February 24, the chairman of SCZone, Walid Gamal El Din, made this announcement.

 

Moreover, the net profits of the SCZone also witnessed a growth of 57 percent during the FY2023/2024 until the end of February 24, amounting to LE 3.74 billion compared to LE 2.38 billion in the corresponding period of the previous fiscal year.

 

In addition, the promotional efforts of the SCZone attracted 125 new projects, with a collective investment of $2.56 billion. 

 

Among these projects, 60 received final approval with investments amounting to $1.13 billion, while the remaining 65 projects are in the process of completing procedures, with anticipated investments exceeding $1.43 billion.

 

The board of directors of the SCZone approved various projects, including the Eroglu Holding Company and DNM Clothing project situated in the Qantara West Industrial Zone. 

 

This project consists of two main parts. The first part involves a jeans factory aiming to produce 7.2 million pieces of jeans, with a total investment of $40 million. 

 

The plan is to export 70 percent of the jeans produced internationally, while allocating 30 percent for the domestic market.

 

The second part of the project involves the establishment of an industrial complex spanning an area of 400,000 square meters. 

 

This complex will focus on the production of spinning, weaving, clothing, mattresses, and furnishings. Currently, the necessary studies for this part of the project are being prepared.

 

Furthermore, the board of directors approved the SCZone's agreement with Orascom Industrial Estates Company to develop, promote, and manage a comprehensive industrial complex in the Sokhna Industrial Zone. The project will be executed in two stages and is expected to require an investment of approximately LE 13 billion.

 

Lastly, the board of directors also gave its approval to a memorandum of cooperation between the SCZone and the Dutch Port of Rotterdam. This memorandum aims to enhance collaboration in the field of green fuel.