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SCZone receives $1.85 bln investments in six months: Chairman

Egypt’s Suez Canal Economic Zone (SCZone) has received $1.85 billion worth of investments between 1 July and 25 December.
27.12.23 | Source: Ahram Online

The investments were injected into 89 projects, which received both initial and final approvals, Gamal El-Din said. 

He also noted that 47 projects received final approvals with $941 million worth of investments between 1 July and 25 December, adding that 42 projects received initial approvals in that period. 

The projects that received final approval include 9 projects to be executed by Chinese companies and 12 projects to be implemented by India, Saudi Arabia, South Korea, Canada, the UAE, Syria, the US, Turkey, Germany, and Jordon, according to Gamal El-Din.

These projects span various sectors including tyres, transport, ready-made clothes, cosmetics, appliances, chemicals, and furniture, he stated.

Furthermore, the projects that received initial approvals include 6 projects by Chinese companies and 9 projects by Indian, Turkish, Emirati, German, South Korean, and Japanese investors, Gamal El-Din added.

The SCZone, in line with the strategy of the Egyptian leadership, has been attracting a myriad of investments during the past years.

The SCZone’s revenues hit a record high of EGP 6.065 billion in FY2022/2023, which ended in June.