Suez Canal Zone: Investments worth $1 billion to be seen in Ain Sokhna Industrial Zone in 2020

CAIRO - 29 January 2021: The investment cost of new projects contracted by industrial developers to be carried out in the Ain Sokhna Industrial Zone in 2020 hit $1.077 billion, the Suez Canal Economic Zone (SCZone) announced.

Under the contracts, 24 projects in the Ain Sokhna Industrial Zone are set to be operated in three years, the SCZone said in a report released Friday on the outcome of 2020.

The report said negotiations are underway with a number of national and foreign companies to establish projects specialized in petrochemicals, as well as supplementary industries of iron, tires, stainless steel and fiber-optic cables, in addition to logistics facilities for car storage.

Egypt service center for Siemens International shall house the Egyptian German Technical Academy (EGT Academy), which aims at training some 5,500 Egyptian young people within four years, through a vocational training center integrated with a repairing and maintenance center. The center was established and operated at a cost of EUR 22.5 million.

The SCZone has outlined a vision for 2020/2025 to identify the targeted sectors and industries that go in line with the Egyptian State’s policies.

It added that a container and cargo terminal working with BOT system was established at a cost of dlrs 550 million in Ain Sokhna Area (port and industrial zone).

The Ain Sokhna port’s revenues increased 97 percent with a total of 731,000 tons handled at the port, representing a 10-percent increase, it revealed.

Tourism movement at the port also increased by 102 percent, compared with 2019.

The report noted that East Port Said port achieved remarkable results in 2020 in terms of containers handled and revenues collected.

The port’s revenues increased by 15 percent and containers handled at it rose by 18.5 percent.