The Economic Committee at the Egyptian House of Representatives has approved the new budget of the Suez Canal Economic Zone (SCZONE) for the fiscal year (FY) 2022/2023, with total allocations of EGP 42 billion, according to an official statement on May 31st.
As per the new budget, the SCZONE is expected to achieve a net profit of about EGP 1.9 billion.
During the current FY, the SCZONE signed a series of key agreements with the aim to localize industries with global interest, Deputy CEO of the SCZONE for investment Walid Gamalddin said.
These agreements include a contract with Red Sea National Petrochemicals Company with total investments of $7.5 billion, as well as a contract for the International Methanol Complex with total investments of $2.6 billion, Gamalddin added.
The top official noted that the SCZONE also signed six memoranda of understanding (MoUs) with international companies and entities to produce green hydrogen and green ammonia and utilization thereof in refueling of vessels, in addition to exporting green hydrogen to Europe.
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