Latest news with #GamalEl-Din
Daily News Egypt
27-05-2025
- Business
- Daily News Egypt
SCZONE positions itself as strategic global investment hub amid global challenges
Waleid Gamal El-Din, Chairperson of the General Authority for the Suez Canal Economic Zone (SCZONE), emphasized the zone's growing role as a global investment destination during a roundtable held as part of the Egypt–US Economic Forum in Cairo. The event aimed to enhance trade and investment cooperation between Egypt and the United States. Titled 'The Economic Zone as an Investment Destination,' the roundtable was moderated by Marwan El Sammak, board member of the American Chamber of Commerce, and included key contributions from Samir Mubarak, CEO of NAFAZ International, alongside US business leaders and SCZONE executives. In his remarks, Gamal El-Din outlined SCZONE's integrated development model, which links industrial zones to key ports on the Red Sea and Mediterranean. This strategic connectivity, combined with Egypt's extensive network of free trade agreements, positions the zone as a gateway for global trade and a fully integrated hub for industry and logistics. 'SCZONE offers a real solution for global investors seeking stability, opportunity, and access to international markets amid today's economic and geopolitical headwinds,' Gamal El-Din said. He highlighted the zone's competitive advantages, including a strategic location at the crossroads of major trade routes, abundant and accessible energy resources, and a cost-effective, skilled labor force supported by specialized training centers. The Chairperson also underscored SCZONE's commitment to deepening its engagement with American investors. He pointed to high-potential sectors such as pharmaceuticals and active pharmaceutical ingredients (APIs), advanced technology industries including data centers and electronics manufacturing, and a wide range of logistics and service-based opportunities that support global supply chains. During an interactive Q&A session, Gamal El-Din addressed investor inquiries regarding the structure and specialization of the zone's industrial areas. He explained that each zone is tailored to specific industries, guided by detailed technical, marketing, and feasibility studies. This approach has helped identify 21 priority sectors across industrial, logistical, and service domains. He further explained that SCZONE's ports and industrial zones are strategically aligned to support targeted export markets, offering investors customized solutions based on their sector and regional objectives. In response to questions on workforce development, Gamal El-Din noted the presence of multiple training centers and technical academies offering globally benchmarked curricula. He also mentioned ongoing efforts to establish additional facilities—particularly in labor-intensive areas like Qantara West—where demand for skilled workers is expected to grow significantly. 'By combining strategic infrastructure with tailored workforce development and sector-focused planning, SCZONE is building an environment where international businesses can thrive,' Gamal El-Din concluded.
Daily News Egypt
21-05-2025
- Business
- Daily News Egypt
China's Hightx to invest EGP 851.7m in decorative fabrics plant in Qantara West
Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), signed an agreement on Tuesday with Winlong Lu, Chairperson of Chinese decorative fabric and home textiles manufacturer Hightx, to launch the company's latest project in the Qantara West industrial zone. The new facility will span 65,000 square meters and involve a total investment of $17m (approximately EGP 851.7m), fully self-financed by Hightx. The project is expected to generate around 300 direct jobs and produce over 20m meters of fabric annually, with 100% of its output earmarked for export markets. Gamal El-Din hailed the Qantara West zone as a success story in attracting international investment and advancing Egypt's industrial capabilities. 'This agreement reflects growing investor confidence in Qantara West as a competitive hub for textile manufacturing and export-oriented industries,' he said. He emphasized that the new project aligns with SCZONE's broader strategy to foster industrial integration and expand Egypt's export base. The zone is already home to a cluster of textile-related operations, including spinning, weaving, ready-made garments, and decorative fabrics, creating a fully integrated supply chain. 'This synergy strengthens Egypt's position in global textile markets and reinforces our regional leadership in an industry rooted in experience and tradition,' Gamal El-Din added. With the addition of Hightx's investment, Qantara West now hosts 20 contracted projects with combined investments totaling $596.5m, generating more than 27,600 direct job opportunities. Its strategic location—between SCZONE ports on the Red Sea and Mediterranean, and near population centers rich in skilled labor—gives it a key advantage in attracting labor-intensive industries. Founded in Hangzhou, China, in 1990, Hightx has grown into a global leader in decorative fabrics and home textiles. The company operates across fabric design and production, furniture manufacturing, and hospitality services. It also maintains research and sales centers in the United States and runs furniture factories in both China and Vietnam.
Al-Ahram Weekly
20-05-2025
- Business
- Al-Ahram Weekly
SCZone, China's Hightex to build $17 mln fabric plant - Markets & Companies
The Suez Canal Economic Zone (SCZone) has signed a $17m agreement with China's Hightex Industrial to build a decorative fabric plant in the Qantara West Industrial Zone, boosting textile exports and deepening industrial ties with China. SCZone chairman Walid Gamal El-Din and Hightex chairman Wenlong Lu signed the deal. The self-financed facility will span 65,000 square-metres and aim to produce over 20 million metres of fabric annually, all for export. It is expected to create around 300 direct jobs. Gamal El-Din said the plant will be located near existing textile ventures in Qantara West, which it described as a 'success story' that has quickly attracted international investment in the fabric and garment sectors. With this deal, the number of contracted projects in Qantara West rises to 20, with total pledged investments of $596.5 million and more than 27,600 jobs. Gamal El-Din highlighted the zone's strategic location—between the Red Sea and Mediterranean ports and near population centres with available labour—as key to its appeal for labour-intensive industries. Founded in 1990 in Hangzhou, Hightex supplies decorative fabrics and home furnishings globally. It has research and sales hubs in the US and manufacturing operations in China and Vietnam. The agreement is the latest in a series of China-backed textile projects in the zone. On Sunday, SCZone signed a $15 million deal with Chinese firm GS Global Sourcing to establish a ready-made garment factory in Qantara West. In March, Chinese company Jiangsu Guotai signed a $10 million usufruct contract for another garment plant in the same zone. The plant is expected to create 2,000 jobs and export all its production. In late 2024, SCZone also broke ground on a $51million ready-made garment project in partnership with Turkey's Eroğlu Global Holding. Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
19-05-2025
- Business
- See - Sada Elbalad
SCZone Signs Contract with Chinese Ready-made Garments Manufacturer worth $15 Million
Taarek Refaat Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) signed, on Sunday, a contract for the Chinese company GS Global Sourcing Co., which specializes in the ready-made garment industry, to establish its project within the Qantara West Industrial Zone. The project will span an area of 27,000 square meters, with investments totaling $15 million (EGP 751.5 million). The project will provide approximately 2,000 direct job opportunities and aims to produce more than 12 million pieces of ready-made garments annually, with 100% of the production allocated for export. Gamal El-Din stated, "The Qantara West Industrial Zone is one of the most prominent successful models in attracting quality investments, especially in the spinning, textiles, and ready-made garments sectors. It has become an integrated and leading zone in this field, thanks to its capabilities and proximity to the Canal governorates, which makes it suitable for labor-intensive projects." Gamal El-Din added that GS Global Sourcing's new project represents an extension of the trust it enjoys. The region is attracting international investors, reflecting its ability to attract companies with international supply chains and serving major brands. He explained that the total contracted investments in the Qantara West Industrial Zone—following the signing of this project—have increased to $579.5 million, providing more than 27,300 direct job opportunities through 19 projects. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Daily News Egypt
18-05-2025
- Business
- Daily News Egypt
Egypt's SCZone Chairperson, Guangdong Governor discuss deeper cooperation
The Chairperson of Egypt's Suez Canal Economic Zone (SCZone), Walid Gamal El-Din, met with a high-level delegation from China's Guangdong Province, led by its Governor Wang Weizhong, to discuss enhancing joint cooperation, the SCZone announced in a statement. The purpose of the meeting was to explore collaboration in the industrial, logistics, services, and port sectors. The Chinese delegation included Minister Plenipotentiary Jiao Liusheng, Counselor at the Chinese Embassy, several provincial officials, and representatives from major Chinese corporations. SCZone executive leadership also attended. Gamal El-Din stated that 'the SCZone is keen on deepening cooperation with Chinese investments from various Chinese cities and provinces.' He added that this aims 'to optimally leverage the successful strategic partnership with Chinese companies already operating within the zone, a partnership supported by the political leadership of both nations.' 'We aim to build on successful past partnerships with Chinese investments and seek further collaboration,' Gamal El-Din said, according to the statement. He noted that current cooperation 'encompasses ports, industrial zones, and logistics areas,' and highlighted 'the past successes of Chinese companies and the diversity of Chinese investments in sectors targeted for localisation under the SCZone's strategy.' He also 'affirmed his aspiration for cooperation in other areas critical to both the Egyptian and global economies, such as the automotive sector, renewable energy, and technology.' In turn, the Governor of Guangdong Province, Wang Weizhong, 'expressed his satisfaction with the cooperation with the SCZone.' He 'emphasized the importance of having company representatives from the province present to explore investment opportunities within the SCZone' and 'commended the SCZone's role in fostering an attractive investment climate for Chinese companies,' the statement reported. 'The Suez Canal Economic Zone boasts a prime location and significant investment incentives; we encourage companies from our province to invest there,' Governor Wang Weizhong stated. He explained that 'the zone serves as a global centre for industry and logistics and a launchpad for Egyptian exports to international markets, particularly given its strategic location and existing free and international trade agreements.' The Governor further 'noted his country's commitment to full cooperation and experience-sharing with the SCZone, and to advancing the strategic partnership between the two nations to even broader horizons.'
