TEDA Suez (China-Egypt TEDA Suez Economic and Trade Cooperation Zone) signed several investment agreements and contracts with Egyptian and Chinese companies.

The signings included:

  1. Agreement with Al-Safa for smartwatch project
  2. Memorandum of Understanding (MoU) with Huashin Chinese Insurance Company for a logistics zone. 
  3. Agreement with Assem Al-Rashidi Group of Companies for used car storage project. 
  4. Agreement with German Company for Cars Trading and Logistics Services 
  5. MoU with DP World for logistics zone
  6. Lease contract signed by Check Car and Al Latif Corporation with TEDA Royal bonded warehouse.

In December 2020, TEDA Suez had received the approval of Egyptian Customs to establish TEDA Royal Bonded Warehouse for storing empty containers, providing warehousing and container freight station operations, and exclusive import of second-hand cars for disabled people. 

“These agreements came as a direct result of the full support given to SCZone from political leadership and the development of the Suez Canal axis. As a global centre for maritime transport and logistics services, as an industrial centre and gateway to Africa, SCZone attracts local and foreign investments and creates real job opportunities while contributing to Egypt’s gross domestic product,” Admiral Mohamed Shaaban, Vice Chairman of SCZone, told Zawya Projects on the sidelines of the signing event. 

Developed within the Belt and Road Initiative framework, TEDA Suez, located within the Suez Canal Economic Zone (SCZone), is a joint venture funded by Tianjin TEDA Investment Holding Co., and the China-Africa Development Fund.

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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