Egypt’s Suez Canal Economic Zone attracted $3.226 billion investments between July 2023 and April 2024, according to its chairman, Waleid Gamal Eldien.

In a statement issued by the Egyptian state department, Eldien revealed the contracts in the industrial zones and ports reached 144 projects, with more than 25,000 direct and indirect job opportunities created.

Eldien also added the implementation rate on the investments witnessed a 71% execution rate for port projects and a 77% rate for industrial zone projects.

The news comes weeks after Dryad Global, a maritime risk assessment agency, noted that Suez Canal traffic more than halved between mid-December and April 1 and this decline “resulted in a significant revenue loss for Egypt, totalling $1.2 billion by late March 2024.”

(Writing by Bindu Rai, editing by Seban Scaria)