Suez Canal Economic Zone
The Suez Canal Economic Zone (SCZone) has signed a cooperation protocol with the Egyptian Commercial Representation Authority, aiming to strengthen collaboration and attract foreign direct investment to Egypt.
The project, set to occupy 12,000 square meters, is backed by an initial investment of $20 million and will create 500 job opportunities.
SCZone Chairman Walid Gamal El-Din revealed these plans in a recent interview, emphasizing that the expansion of infrastructure is key to supporting the increasing number of projects and companies within the zone
Covering 5,000 square meters, this new project represents an initial investment of EGP 100 million and is expected to create around 45 jobs.
The meeting focused on strengthening cooperation and introducing the Chinese delegation to the diverse investment opportunities in SCZone, spanning 21 sectors ranging from industrial to logistical, with the aim of drawing more companies from Jiangsu Province to invest in the zone.
The multi-year contract, funded by the EBRD, will enable Transfora—part of Agility Global—to implement a comprehensive enterprise management platform tailored for SCZone.
Minister of Foreign Affairs Badr Abdelatty met Monday with his Russian counterpart Sergey Lavrov in Moscow.
According to an official statement, SCZone's ports handled a total trading volume of 36 million tons during FY2023/2024
Due to the ongoing Israeli war on the Gaza Strip and the Yemeni Houthis’ attacks against Israeli, UK and US ships in the Red Sea in response to the Israeli war against the Palestinians, Egypt’s Suez Canal revenues have sharply declined.
The Green Marine chemical project consists of three phases. In the first phase, which covers an area of 300,000 square meters, the project is expected to generate an annual revenue of $230 million.
Spanning over an area of 270,000 square meters, the Xin Xing factory has an annual production capacity of 250 thousand tons
During the meeting, El-Din emphasized the significance of the economic zone as a national project aimed at supporting sustainable practices, contributing to Egypt's gross domestic product, generating employment opportunities, and establishing integrated industrial complexes with effective environmental systems
The factory will be responsible for designing, manufacturing, and installing grain storage silos, as well as their components and accessories.
One of the key points of discussion was the possibility of conducting trade transactions using the local currencies of both countries
The agreements include investments of $12 billion for the pilot phase and approximately $29 billion for the first phase
This represents an increase of approximately 70 percent compared to the same period in 2022, where the revenue was LE 2.6 billion
The factory, covering an expansive area of 26,000 square meters, is expected to create approximately 300 job opportunities
Prior to the framework agreement, exhaustive technical and financial feasibility studies will be conducted to ensure the viability and success of the complex.
With an estimated investment cost of $80 million, the project is set to generate 600 direct job opportunities
This goal comes after SCZONE garnered investments worth $1.3 billion in the first four months of the current fiscal year.
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