Egypt’s SCZONE signs two projects with $11m in foreign investment

Egypt’s Suez Canal Economic Zone (SCZONE) has signed contracts for two new projects with German and Greek companies, representing a combined foreign investment of $11m.

Walid Gamal El-Din, chairperson of the SCZONE General Authority, signed a contract with Ewald Franz Kosters, chairman of German outdoor furniture manufacturer Sun Garden, to establish a project in the Qantara West industrial zone.

The $7m project will be built on an area of 30,000 square metres, is expected to create 500 direct jobs, and aims to export 90% of its production.

Gamal El-Din welcomed Sun Garden as the first German industrial investment in the Qantara West zone, stating that it reflects growing confidence among foreign investors and will support the localisation of industries.

In a separate deal, Gamal El-Din signed a contract with Marinos Tzanidakis, president of the Greek company Tzanidakis Marinos “MORFI,” to establish the “Marinero” ready-made garment factory.