SCZone receives $1.85bln investments in almost 6 months: Chairman

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The Suez Canal Economic Zone (SCZone) has received total investments of $1.85 billion during the period between July 1st and December 25th, the SCZone’s Chairman Walid Gamal El-Din stated.

The investments were pumped into 47 projects that obtained final approvals with investments of $941 million and 42 projects that received initial approvals with investments estimated at $908 million, Gamal El-Din noted.

He added that 49% of the projects that obtained final approvals were foreign investments, including nine projects that will be implemented by Chinese firms and 12 others to be executed by Indian, Saudi, South Korean, Canadian, Emirati, Syrian, American, Turkish, German, and Jordonian companies.

Moreover, the projects that received initial approvals comprise six projects by Chinese companies and nine others by Indian, Turkish, Emirati, German, South Korean, and Japanese firms.

These projects cover several sectors, including tires, transport, ready-made garments, cosmetics, household appliances, chemicals, fertilizers, and furniture, Gamal El-Din pointed out.

It is worth noting that SCZONE recorded total revenues of EGP 6.065 billion for the first time in its history during the elapsed fiscal year (FY) 2022/2023, compared to EGP 3.490 billion during FY 2021/2022, with an annual growth rate of 78%.