The Suez Canal Economic Zone (SCZONE) has recently announced securing contracts for 127 projects within just nine months, totaling an impressive investment of approximately $2.8 billion. During a meeting with Prime Minister Mostafa Madbouly, Walid Gamal El Din, chairman of the SCZONE, reported that from July 1, 2023, to March 21, 2024, the industrial zones and ports have seen significant activity. This surge in investments underscores the region’s growing appeal as a prime destination for industrial development and investment.
Gamal El Din also revealed that out of the 127 projects, 61 have received final approval with a foreign investment rate of 49 percent. Moreover, 66 of these projects received initial approval, with foreign investments accounting for 39 percent of the total.
SCZONE expects that, upon completion, these projects will generate more than 22,000 direct and indirect job opportunities.
Robust business activity
During the meeting, Gamal El Din also revealed that since January 2024, SCZONE has contracted 37 diverse projects with investments of $894 million. Thirteen of them have passed the final stage of approval and 24 are in still the initial stages of approval.
Moreover, from July 2023 to March 2024, 63 new companies established their presence in Egypt, with 48.5 percent in foreign capital. In addition, since the beginning of 2024, 20 additional companies have been founded.
Gamal El Din provided updates on various ongoing projects, including a flat glass production facility in Sokhna, a bromine and deep processing industrial complex, and an iron and steel complex in Ismailia. Moreover, he discussed the development of green hydrogen projects, ship supply and marine services in SCZONE.
Besides, SCZONE has introduced the E-Tabadul platform which facilitates industrial networking among its partners. This platform aligns with Egypt’s vision for industrial localization and digital transformation and bolsters its investment environment.
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Fostering human development
SCZONE reiterates its commitment to human development and skill enhancement. During the meeting, Gamal El Din highlighted the agreement the zone signed with the Chinese government to establish a vocational training center. This state-of-the-art center will provide training in key industries such as energy, automotive, robotics, electronics and communications technology. Moreover, the center will include laboratories and an interactive training simulator, residential facilities, and recreational areas for trainees.
Finally, El-Din highlighted SCZONE’s financial performance, noting an increase in profit due to the growth in project implementation. With a robust pipeline of projects and strategic initiatives in place, SCZONE will continue to drive economic growth in Egypt and attract investments in the coming years.
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