Arab Finance: The General Authority for Suez Canal Economic Zone (SCZONE) has signed a contract with the South Korean Hyundai Rotem to supply and localize 40 trains and 320 railcars for Cairo Metro lines 1 and 2, as per a statement on September 14th.
The authority has also approved setting up a project for the Arab Company for Drug Industries and Medical Appliances (ACDIMA) with $165 million in investments for the production of 28 pharmaceutical active substances.
The project is set to be implemented on an 85,000-square-meter area in two phases.
Worth $101 million in investments, the first phase is expected to start operations in 2026 to produce 21 active substances.
The second phase, of which investments amount to $64 million, is anticipated to be completed by 2030 to manufacture 7 active substances.
Moreover, the authority reviewed the Chinese vocational training center project proposed to be implemented on a 40,000 square-meter area at TEDA-Egypt zone in Ain Sokhna with an estimated cost of CNY 45.5 million.
The SCZone’s board also endorsed the authority’s contribution to the capital increase of the National Egyptian Railway Industries Company (NERIC), bringing the capital to EGP 680 million from EGP 340 million.
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