Arab Finance: The General Authority for the Suez Canal Economic Zone (SCZONE) has signed an agreement with Canadian company Avelon to establish a technical textiles manufacturing facility in the East Port Said Industrial Zone, with first-phase investments valued at $27 million, as per a statement.
The project will specialize in producing technical textiles used in the construction and building materials sector, including advanced materials for waterproofing, building protection, soil reinforcement, and infrastructure development.
The first phase of the project will be developed on a 24,183-square-meter plot within the East Port Said Industrial Zone and is expected to create approximately 200 direct jobs and 50 indirect jobs, exporting full production to the US and European markets.
A second expansion phase is also being considered within the area managed by East Port Said Development Company.
Commenting on the agreement, SCZONE's Chairman Waleid Gamal El-Dien said the project highlights the ability of the East Port Said Industrial Zone to attract export-oriented industrial investments with high added value.
He noted that the zone offers a range of competitive advantages that continue to position it among Egypt's most promising destinations for industrial investment.
He added that the close integration between the East Port Said Industrial Zone and the adjacent East Port Said Port provides manufacturers with significant logistical benefits.
These include lower transportation and shipping costs, more efficient supply chains, and faster access to international markets. These factors support the competitiveness of locally manufactured products and align with SCZONE's strategy of localizing export-focused industries and strengthening industrial value chains.
Gamal El-Dien further said that the authority remains focused on building an advanced industrial base by attracting FDI into targeted sectors.
He noted that this strategy is supported by modern infrastructure, a strategic geographic location, and integrated logistics services designed to facilitate industrial growth.
