Mamish: SCZone achieved net profits of LE2.1B in 2017/18

CAIRO - 9 August 2018: The Suez Canal Economic Zone (SCZone) achieved net profits of EGP 2.13 billion in the 2017/18 fiscal year compared to LE 1.3 billion in the 2016-2017 fiscal year, with an increase of 64%, Chairman of the Suez Canal Authority (SCA) and SCZone Mohab Mamish revealed on Thursday.

In a statement, Mamish said recent statistics showed that the SCZone ranked fifth on the list of the most profitable economic sectors, citing an increase in the revenues of the Suez Canal Authority (SCA) ports.

Also, he hailed efforts exerted by the Suez Canal Authority staffers to attract foreign investments through implementing flexible marketing and investment policies, which resulted in the signing of a contract to establish the largest petrochemical complex in the Middle East.

In this regard, Mamish affirmed that the applied policies are aimed at turning the SCZone into a global hub for trade and one of the World's most important logistic areas, which in turn would contribute to boosting Egypt's economy by 2025.

The SCZone serves the State's plans to attract Arab and foreign investments to secure more jobs for young people across the nation, establish technical and industrial training centers, as well as create new urban communities, he noted.