SCZone secures $125 mln deals for building 2 metal, textile factories
According to two statements from the SCZone, Chairman Walid Gamal El-Din spearheaded the deals.
The first deal was signed with Shnamai Kumar Sahoo, chairman of FerroGenesis for Silico Manganese, a subsidiary of the Indian company Volkov Infra Private Ltd, to establish a $5 million factory in the East Ismailia Industrial Zone, known as the Valley of Technology.
The factory is expected to produce silico-manganese and ferrosilicon from quartz and manganese ore, which are key elements in producing high-quality steel.
The project will span 35,000 square metres and is projected to generate 150 job opportunities.
This investment is one of three initiatives Volkov plans to launch in the Valley of Technology, which will collectively attract $65 million in investments for the metal industries sector.
Moreover, Gamal El-Din inked a first-phase contract with Eroglu Knitting with $120 million in investments.
This project will establish a from-yarn-to-garment factory covering 100,000 square metres. It promises a significant economic impact with an annual output of 30 million garments.
The two projects are part of a broader $511 million development plan for the West Qantara Industrial Zone, which is poised to yield over 21,500 jobs across 12 projects, aligning with Egypt’s Vision 2030.
Additionally, SCZone has recently secured over $1.7 billion in investments, including large-scale projects in the textiles, metals, and food industries. In December, it signed $38 million deals in these industries.
Gamal El-Din said the Valley of Technology and the West Qantara Industrial Zone projects are principal contributors to long-term prosperity and workforce development in Sinai.
These investments also align with the government's ambition to revamp the region into a leading industrial hub.
SCZone's revenues increased by 32 percent to EGP 5.7 billion in the first half of FY2024/2025, driven largely by port revenues and fresh capital across diverse domains.
Despite ongoing geopolitical tensions and reduced Suez Canal trade revenues, the SCZone remains a key player in Egypt's economic landscape.
Its prime location, robust seaports, and business-friendly environment continue to usher international interest and a deluge of foreign investment, reinforcing its role as a vital hub in global commerce.