SCZONE attracts $2.5M in foreign investments in 10 months
Updated 6/11/2023 10:06:00 AM
Arab finance: The General Authority for the Suez Canal Economic Zone (SCZONE) attracted $2.5 billion in foreign investments as well as around EGP 3.6 billion as local investments from July 2022 until May 2023, SCZONE stated on June 8th.
As for investments in the industrial zones during the 11-month period, Chairman of SCZONE Walied Gamal El-Dien revealed that 46 diversified projects received the final approval to be established, 15 projects of which to be established with $1.2 billion in investments, while the remaining 31 projects cost EGP 2.4 billion.
The authority’s board has agreed on a $300 million iron rolling project to be set up by a Chinese firm on a 750,000-square-meter area in Ain Sokhna, with the aim of producing 600,000 tons of iron rolls a year to be exported abroad. This project will offer 1,200 job opportunities, and is pending relevant authorities’ approval.
The board has also approved for China’s Shanghai Shenda Company Limited the implementation of a ready-made garments factory in Al-Qantara Gharb region, Ismailia, with $40 million in investments.
The factory will be implemented over two phases on an 80,000-square-meter area, and will fully export its annual production of 43 million clothing piece to the US market. It will also 1,200 direct and indirect job opportunities.
Moreover, SCA’s board agreed to build the first 1.2 million-square-meter industrial park for steel production at East Qantra Industrial Zone for $610 million worth of investments.
With a production capacity of 1.8 million tons annually to be fully exported abroad, the project will be executed over three phases, on an area of 400,000 square meters each.
Another approval went to the a 400,000-square-meter tyre manufacturing factory to be executed by Concrete Plus in Ain Sokhna with investments valued at €750 million to produce 2.4 million tyres a year as well as provide 700 direct and indirect job opportunities.
Furthermore, the board greenlighted the establishment of a polyethylene raw material’s storage area for India’s Flex at Ain Sokhna port.
The authority is currently studying offers for the implementation of new eight green hydrogen production projects.
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