Egypt - Within nine months, the Suez Canal Economic Zone (SCZONE) has secured contracts for 127 projects, totaling an investment of approximately $2.8bn. Out of these, 61 projects have received final approval, boasting a foreign investment rate of 49%.

Walid Gamal El-Din, Chairman of the SCZONE, reported that from 1 July 2023 to 21 March 2024, the industrial zones and ports have seen significant activity. In addition to the projects with final approvals, 66 projects have been granted initial approval, with foreign investments accounting for 39% of the total.

The completion of these projects is expected to generate over 22,000 direct and indirect job opportunities.

These divs were presented during a meeting with Prime Minister Mostafa Madbouly, where Gamal El-Din detailed the promotional efforts and progress within the aforementioned timeframe.

He highlighted that from January 2024 to the present, 37 diverse projects have been contracted at an investment cost of $894m. Of these, 13 have crossed the final approval stage, while 24 are in the initial stages of approval.

Furthermore, the period from July 2023 to March 2024 marked the establishment of 63 new companies, infused with 48.5% foreign capital. Since the start of the year, 20 additional companies have been founded.

Gamal El-Din also provided updates on the latest projects, including a flat glass production facility in Sokhna, a bromine and deep processing industrial complex, and an iron and steel complex in Ismailia, among others.

The meeting also covered the development of green hydrogen projects, ship supply, and marine services within the economic zone.

To bolster the investment environment and align with Egypt’s vision for industrial localization and digital transformation, SCZONE has introduced the E-Tabadul platform to facilitate industrial networking among its partners.

The Chairperson also discussed training collaborations, emphasizing SCZONE’s commitment to human development and skill enhancement. An agreement has been signed with the Chinese government to establish a vocational training center, equipped with state-of-the-art laboratories for key industries such as energy, automotive, robotics, electronics, and communications technology. The center will feature an interactive training simulator, residential facilities, and recreational areas for trainees.

Lastly, Gamal El-Din reviewed the Authority’s financial performance, noting a profit increase attributed to the growth in project implementation.

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