Cairo – The Suez Canal Economic Zone (SCZONE) generated revenues valued at EGP 6.06 billion in fiscal year (FY) 2022/2023, marking a year-on-year (YoY) surge of 78% from EGP 3.49 billion.

Walid Gamal El-Din, Chairman of the SCZone, announced the financial results during a meeting with a number of Egyptian ministers.

Total assets amounted to EGP 86.60 billion during the July 2022-June 2023 period, compared to EGP 33.90 billion in FY21/22. This was attributed to an increase in the volume of projects under implementation.

The contracts in industrial zones and ports reached $3.57 billion over 60 projects during FY22/23. A total of 53 projects ($2.23 billion) were conducted in the industrial zones, while the remaining seven projects ($1.34 billion) were affiliated with seaports.

Future Projects in FY23/24

The board initially granted its approval for 55 industrial projects at a total investment cost of $1.70 billion. It revealed that 68 companies were established in the region with an issued capital of $44 million, adding that another 50 firms obtained a construction licence.

During the first quarter (Q1)of FY23/24, SCZone will witness the development of 16 projects at a combined value of $255 million.

As for green fuel projects, the board signed nine framework agreements an expected investment of $83 billion, targeting an annual production capacity of about 15 million tonnes of green fuel of all types.

The board also inked 14 memorandums of understanding (MoUs) for planned projects in FY23/24, with an additional eight deals forecast to be penned in the coming months.

In this regard, the number of projects in industrial zones stands at 20, including 16 with the developers and partners of the economic zone, with a value of $8.27 billion in expected investments.

The future projects are anticipated to create 23,000 job opportunities, in addition to four direct contract projects with the economic zone with investments of about $1 billion.

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