Latest news with #JiangsuGuotai
CairoScene
19-03-2025
- Business
- CairoScene
SCZone & Chinese Textile Company Invest USD 10 Million in New Factory
The new ready-made garment factory in Qantara West industrial zone will be dedicated entirely to exports. Mar 19, 2025 The Suez Canal Economic Zone (SCZone) has signed a land usufruct agreement with Jiangsu Guotai, a leading Chinese textile and garment company, to establish a ready-made garment factory in the West Qantara Industrial Zone. The facility will be dedicated entirely to exports. With a USD 10 million investment, the factory is expected to generate 2,000 direct jobs, further strengthening Egypt's position as a regional textile hub. This project is part of a larger expansion in West Qantara, where 15 other usufruct agreements have been finalised, bringing total investments to over USD 490 million. Spanning 1.031 million square metres, these projects are set to create more than 20,000 jobs. West Qantara is poised to become a key hub for textile exports, with 80% of its production destined for European and American markets through West Port Said. Alongside these agreements, SCZone has launched the construction of five additional factories, with the first two in West Qantara expected to be operational in the second half of 2025.
Zawya
17-03-2025
- Business
- Zawya
Egypt: SCZone, China's Jiangsu Guotai ink $10mln deal for ready-made garment factory
Arab Finance: Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZone), penned a usufruct agreement with Chinese Jiangsu Guotai to establish a ready-made garment factory, with total investments of $10 million (EGP 500 million), as per a statement. To be developed on an area of 21,000 square meters in the Qantara West Industrial Zone, the factory will export its entire production to global markets. It will also provide 2,000 direct job opportunities. Gamal El-Dien highlighted that the SCZone has signed 15 usufruct contracts in Qantara West at a combined value of $490 million. These projects span over 1.31 million square meters and are expected to employ 20,000 workers. The factories will export 80% of their output to Europe and the Americas, mainly through West Port Said Port. He added that the authority has already broken ground on five projects, with two of them expected to be inaugurated in the second half (H2) of 2025. Meanwhile, the remaining projects will follow in the completion process. It is worth highlighting that Jiangsu Guotai is a subsidiary of the Jiangsu Guotai International Group (GTIG), which was founded in 1988. The group provides high-level services in textiles, ready-made garments, spinning, yarn production, fabrics, home textiles, and accessories. It owns branches in the US as well as several Asian and European countries, employing over 4,000 people. In 2023, the company's revenue hit $9.2 billion. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
See - Sada Elbalad
17-03-2025
- Business
- See - Sada Elbalad
SCZone Signs Agreement with Chinese Textile Company worth $10 Million
Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) witnessed the signing of a usufruct agreement with the Chinese company Jiangsu Guotai to establish a ready-made garment factory in the Qantara West Industrial Zone. The factory spans an area of 21,000 square meters, with investments of $10 million (500 million Egyptian pounds), and will provide 2,000 direct job opportunities. All of its production will be exported to foreign markets. Gamal El-Din emphasized that the economic zone continues to attract global investment, with 15 usufruct agreements signed with investments of $490 million, covering more than one million square meters, providing more than 20,000 job opportunities, and 80% of the production exported to Europe and the Americas via the West Port Said Port. He also indicated that the first two projects in Qantara West are expected to open in the second half of 2025, as part of the Authority's strategy to localize industry and boost exports. The company is part of the Chinese company, which was founded in 1988 and ranked 329th on the Fortune China 500 list for 2023. It operates in the textile and garment sector, with annual revenues of $9.2 billion, and has branches in Asia, Europe, and the Americas.
Egypt Today
16-03-2025
- Business
- Egypt Today
Egypt Expands Textile Industry with $10M New Chinese Investment in SCZone
The Suez Canal Economic Zone (SCZone) has signed a land usufruct agreement with Jiangsu Guotai, a prominent Chinese textile and garment company, to establish a ready-made garment factory in the Qantara West Industrial Zone. Spanning 21,000 square meters, the new facility represents a $10 million (EGP 500 million) investment and is set to create 2,000 direct jobs. The factory will be fully dedicated to exports, reinforcing Egypt's position in the global textile supply chain. During the signing ceremony, SCZone Chairman Walid Gamal El-Din announced that 15 usufruct agreements have been finalized in Qantara West, attracting total investments of $490 million. Covering 1.031 million square meters, these projects are expected to generate over 20,000 jobs. The region is poised to become a key exporter, with 80% of its production destined for European and American markets via West Port Said Port, a crucial SCZone hub on the Mediterranean. The port is anticipated to see increased activity as new industrial projects in Qantara West take shape. In line with this expansion, SCZone has recently laid the foundation stone for five projects, with more developments underway. The first two factories in Qantara West are scheduled to open in the second half of 2025, marking a significant milestone in Egypt's industrial growth.
Al-Ahram Weekly
30-01-2025
- Business
- Al-Ahram Weekly
SCZone half-year revenues surge by 32% to EGP 5.7 bln - Economy
The net revenues of the General Authority of the Suez Canal Economic Zone (SCZone) have surged to approximately EGP 5.7 billion during the first half of fiscal year (FY) 2024/2025, a 32 percent increase from the EGP 4.3 billion recorded during the same period in FY2023/2024, according to a cabinet release on Thursday. This exceeds the EGP 5.2 billion revenue forecast for FY2024/2025 by eight percent. The announcement came during the authority's fourth meeting in FY2024/2025. During the meeting, SCZone's board of directors reviewed the authority's financial performance during the first half of the fiscal year, covering the period from 1 July to 31 December 2024. Port revenues accounted for 77 percent of the total revenues, while other activities contributed 23 percent. This marks a significant increase from their average share of eight percent over the past five years. Moreover, the board approved the budget estimated for FY2025/2026. SCZone approval of $1.8 bln projects The authority also approved four new projects in the textiles and metals industries, with a total investment of $1.8 billion. Among the major projects approved was Shenfeng Egypt, which will establish the largest integrated industrial complex for metal industries in the Sokhna area. This project, which spans 3.75 square kilometres and will serve the automotive and home appliance sectors, will cost a total of $1.65 billion. It will be implemented in two phases: the first, valued at $813 million, will span two million square metres and create 4,419 direct jobs; the second, valued at $835 million, will span 1.75 million square metres and offer 3,575 jobs. The SCAone also approved the expansion of the Eroglu Garment project by the Turkish holding company Eroglu Global. The new Eroglu Knitting facility in Qantara West will focus on producing ready-made garments and denim products. This project will invest over $40 million and create over 2,000 jobs. Operations are expected to begin by the end of March 2025. Its second phase, valued at $180 million, will cover 274,000 square metres, generate 5,000 direct jobs, and export 70 percent of its production. Furthermore, the authority's board approved the Shanghai Honour project, a Chinese manufacturer of home textiles, including carpets, curtains, bed covers, and blankets. This project, which will invest $3.5 million, will be located in Qantara West. It is expected to create 300 direct job opportunities and will focus on exporting 100 percent of its production. Additionally, the Jiangsu Guotai project, another Chinese investment, will produce ready-made garments in Qantara West. The project, which will span 21,000 square metres and require a $10 million investment, will create 2,000 jobs and focus on exporting 100 percent of its production. The board also approved an agreement with Petrosafe Company to carry out marine oil spill control operations at Adabiya, El-Khobar, and El-Tour ports, aligning with SCZone's environmental safety commitment. It also ensured compliance with international agreements and Egypt's national emergency plan for combating marine oil pollution. SCZone Chairman Walid Gamal El-Din provided an update on the authority's promotional efforts as of the midpoint of FY2024/2025. During that period, the authority secured 66 new projects across various sectors, with total investments amounting to $1.755 billion, and created approximately 1,600 new job opportunities. These projects comprised 54 newly established ventures and 12 expansions of existing projects. This reflects SCZone's continuous efforts to enhance its business environment, which state institutions and the private sector support. Short link:
