CAIRO – 30 July 2024: In the fiscal year 2023/2024, the Suez Canal Economic Zone (SCZone) yielded revenues totaling EGP 8.245 billion, with a significant portion of 5.932 billion pounds in dollar denomination, accounting for 72% of the total revenue. This information was disclosed by SCZone's Chairman, Walid Gamal El-Din.
The Chairman highlighted a remarkable surge in the authority's revenue, reaching EGP 8.5 billion by the end of the last fiscal year, a substantial increase from EGP 2.76 billion in FY 2016/2017, marking a growth rate of 205%.
These details were shared during a meeting with Prime Minister Mostafa Madbouly to discuss recent developments within the SCZone.
Emphasizing the outcomes of promotional campaigns in FY 2023/2024, El-Din noted that out of 218 projects amounting to $5.116 billion in investment costs, 98 projects with a value of $2.225 billion had secured final approval, while 120 projects with a combined investment cost of $2.891 billion had received initial approval.
El-Din further revealed that during the same fiscal year, the number of final project approvals stood at 98, with an investment cost of $2.891 billion, compared to 59 final approvals for projects worth $1.99 billion in FY 2022/2023.
Additionally, he highlighted the growth in port projects within the SCZone, totaling 7 projects valued at $1.359 billion, a substantial leap from just two projects in the previous fiscal year at an investment cost of $30 million.
Regarding Chinese investments in the SCZone, El-Din mentioned investments totaling approximately $2.9 billion, primarily concentrated in the TEDA and Qantara West regions through 155 industrial, logistical, and service companies.
Moreover, the SCZone has inked 29 memorandums of understanding with various international companies specializing in green hydrogen, including 15 framework agreements with anticipated investments of $133 billion, alongside 8 active memorandums of understanding.
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