The Suez Canal Economic Zone (SCZONE) has 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%, according to a statement on September 14th.

The figures were revealed during the SCZone Board of Directors' first meeting for the new fiscal year 2023/2024, headed by Chairman Waleid Gamal El Dein, to discuss and approve new projects in the zone until 2025.

The authority also achieved a general surplus of EGP 4.077 billion in FY 2022/2023, up from EGP 2.214 billion in the FY before.

Total assets amounted to EGP 86.6 billion last FY, compared to EGP 33.9 billion during FY 2021/2022.

The SCZone’s investment and promotional plan for FY 2022/2023 included contracts in industrial zones and ports worth $3.57 billion for 60 projects, 53 of which were in industrial zones worth $2.23 billion and 7 projects in affiliated seaports worth $1.34 billion.

A total of 55 industrial projects received initial approval at a total investment cost of $1.7 billion during FY 2022/2023, while 68 companies were established in the region with an issued capital of $44 million.

The authority also penned nine framework agreements with a total investment of $83 billion, targeting the production of about 15 million tons of green fuel annually.

It also signed 14 memoranda of understanding (MoUs), and it is planned to sign additional eight in the next few months.

For the current FY 2023/2024, the SCZone is having negotiations to implement 20 projects in industrial zones, including 16 with the developers and partners with $8.27 billion in expected investments.

This is in addition to four investment projects being negotiated in the ports of East Port Said and Ain Sokhna.

 

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