SCZone reports LE 5.4B surplus amid 36% surge in revenues during FY23/24

Cairo – July 18, 2024: Egypt’s Suez Canal Economic Zone (SCZone) reported a significant jump of revenues to record a surplus of LE 5.42 billion during FY2023/2024, driven by a 36 percent rise in revenues to hit LE 8.25 billion.

The information was released during a meeting on Thursday, led by Walid Gamal El-Din, Chairman of the Board of Directors of the General Authority of the SCZone.

According to an official statement, SCZone's ports handled a total trading volume of 36 million tons during FY2023/2024.

Promotional efforts resulted in approvals for 218 projects across industrial zones and ports. These initiatives are set to attract investments totaling $5.12 billion, highlighting investor confidence in the region's economic potential.

According to an official statement, 98 projects received final approvals with investments amounting to $2.23 billion, while 120 projects received preliminary approvals with investments totaling $2.89 billion.

The west Qantara industrial area saw 6 project contracts, with 2 receiving final approvals and 7 under review, bringing the total number of projects slated for Qantara West to 15, with anticipated investments totaling $1.33 billion spread over 1.57 million square meters.

The authority advanced its green hydrogen projects with significant international agreements, with 15 framework agreements signed, including a key deal for the “Egypt Green Hydrogen” project, scheduled to begin full-scale production in June 2024.

This project recently secured a contract with the H2Global Foundation auction to supply 397 thousand tons of renewable ammonia to Europe at a price of €1,000 per ton.

Strategic approvals also included the initialing of two 30-year concession agreements for the development and management of a Ro-Ro terminal and a cruise terminal at Sokhna Port in partnership with AD Ports Group.

The board also approved contributions to increase the capital of the Egyptian National Railway Industries Company (NERC) to LE 1.2 billion.

The paid-up capital of SCZONE’s main development company was increased to LE 250 million, bolstering its financial foundation.