Latest news with #El-Din

Egypt Today

SCZONE partners with India's FerroGenesis to launch $5M first industrial project in Wadi Al-Technologia

CAIRO – 25 February 2025: The Suez Canal Economic Zone (SCZONE) has signed an agreement with Indian company FerroGenesis to establish a new metal industry plant in Wadi Al-Technologia, located within the East Ismailia Industrial Zone. The $5 million investment will cover 35,000 square meters and is expected to create 150 direct jobs. The agreement was signed by Walid Gamal El-Din, Chairman of SCZONE, and Chinmay Kumar Sahu, Chairman of FerroGenesis. This factory marks the first industrial project in Wadi Al-Technologia and is part of a broader industrial expansion strategy in Sinai. This initiative is one of three planned projects by Volkov Infra Private Ltd in the metal industries sector, with total anticipated investments reaching $65 million. According to El-Din, SCZONE remains committed to developing Sinai, a region of strategic and historical importance to Egypt. The planned projects will generate direct and indirect employment opportunities, supporting the government's economic and social integration goals for the region. El-Din further revealed that two additional agreements with Volkov are expected to be signed in the coming months, reinforcing the growth of the metal industries sector in the zone. Spanning 72 square kilometers, Wadi Al-Technologia is designed to capitalize on natural resources like silica sand to build a high-tech industrial ecosystem. SCZONE envisions the area as a fully integrated industrial community, where investment, education, and research work in synergy to drive sustainable development.