Latest news with #MostafaMadbouly
Daily News Egypt
3 hours ago
- Business
- Daily News Egypt
PM witnesses signing of Ain Sokhna industrial land development agreement
Prime Minister Mostafa Madbouly this morning witnessed the signing of a contract to develop and transfer usufruct rights for a 2.86-square-kilometre plot of land within the Ain Sokhna industrial zone, part of the Suez Canal Economic Zone (SCZONE). The agreement was signed by the SCZONE, the Main Development Company (MDC), and Egypt TEDA Special Zone Development Company at a ceremony held at the New Alamein Government Headquarters, attended by Vice Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir. The new contract coincides with TEDA Egypt nearing completion of infrastructure works on its previously allocated 7 square kilometres, bringing its total developed area within the Ain Sokhna industrial zone to nearly 10 square kilometres. This step underlines SCZONE's commitment to developing and optimally utilising industrial land through partnerships with experienced developers. Under the agreement, the developer will undertake new infrastructure works with total investments of $100 million, expected to attract a wider range of industrial projects and support the Authority's goal of establishing integrated, sustainable industrial communities. Prime Minister Madbouly stressed the importance of this collaboration in accelerating industrial development within the Suez Canal Economic Zone, noting that the zone has the potential to become one of the region's key manufacturing and logistics hubs. He also highlighted the government's broader efforts to strengthen cooperation with local and international private sector partners to drive development and create job opportunities. For his part, Walid Gamal El-Din, Chairperson of the SCZONE, described the contract as a strategic milestone in advancing the development framework of the Ain Sokhna industrial zone. He emphasised the Authority's dedication to maximising the investment value of industrial land and making full use of existing infrastructure, adding that the partnership with MDC and TEDA Egypt aligns with SCZONE's strategy to localise industries and deepen local manufacturing. Gamal El-Din noted that TEDA Egypt's latest expansion demonstrates the success of the partnership over recent years, both in attracting investments and in creating an integrated industrial community within the zone. He reaffirmed SCZONE's ongoing commitment to facilitating and sustaining this success, which he described as a model of productive economic cooperation and sustainable industrial development. He further explained that this expansion will help localise priority industries and attract more Chinese companies looking to access regional and global markets. Over the past three years alone, the SCZONE has secured over $4bn in Chinese investments, with shared objectives between the parties paving the way to double this figure in the near future. TEDA Egypt is among the leading industrial developers in the Suez Canal Economic Zone, renowned for its expertise in establishing industrial communities and attracting Chinese and other international investors. Meanwhile, the MDC acts as one of SCZONE's investment arms, tasked with developing and managing industrial assets within the zone.
Al-Ahram Weekly
4 hours ago
- Politics
- Al-Ahram Weekly
Egypt declares Thursday 24 July an official holiday to mark 23 July Revolution - Society
Prime Minister Mostafa Madbouly issued a decree on Wednesday declaring Thursday, 24 July 2025, an official paid holiday in observance of the anniversary of the 23 July Revolution. The holiday, initially scheduled for Wednesday, 23 July, has been postponed to the following day, in line with the government's policy of shifting midweek public holidays to Thursdays to create more extended weekends. The decision applies to employees across ministries, government offices, public authorities, local administration units, public sector companies, and state-owned enterprises. Follow us on: Facebook Instagram Whatsapp Short link:
The Star
4 hours ago
- Business
- The Star
Egypt, China sign deal for flagship industrial zone expansion
CAIRO, July 16 (Xinhua) -- Egypt and China signed on Wednesday a deal for the expansion of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone, with Chinese developer TEDA set to invest 100 million U.S. dollars in infrastructure to develop an additional 2.86 square kilometers at the Suez Canal Economic Zone (SCZone). The deal was signed between the SCZone, the Main Development Company (MDC), and TEDA Egypt in a ceremony attended by Egyptian Prime Minister Mostafa Madbouly, the Egyptian cabinet said in a statement. The expansion comes as TEDA nears completion of its previously allocated 7.34 square kilometers in Ain Sokhna area at the SCZone, bringing the total area of its industrial zone to more than 10 square kilometers, according to the statement. The 100-million-U.S.-dollar infrastructure investment is expected to help attract more diverse industrial investments and support the SCZone's goal of building integrated and sustainable industrial communities. Madbouly stressed "the importance of this cooperation in accelerating industrial development within the SCZone, whose capabilities qualify it to become one of the most important manufacturing and logistics hubs in the region." He said Egypt is working to strengthen partnerships with local and foreign private sectors to drive development and create jobs, praising the SCZone's achievements that have fueled developers' desire for further expansion. Established in 2008, the China-Egypt TEDA Suez Economic and Trade Cooperation Zone has become one of the SCZone's most prominent industrial hubs, having attracted 185 companies and over 3 billion U.S. dollars in cumulative investment. SCZone chairman Waleid Gamal Eldien said that the TEDA expansion "represents a new platform for localizing targeted industries within the zone and contributes to attracting more Chinese companies seeking access to regional and global markets." He noted that the SCZone has attracted Chinese investments exceeding 4 billion U.S. dollars over the past three years, adding that "the mutual trust between both sides and their shared goals pave the way to double this figure in the coming period." Cao Hui, executive director of Egypt-TEDA SEZone Development Company, told Xinhua that TEDA is committed to high-quality development in line with the Belt and Road Initiative and continues to advance the strategic upgrading of the TEDA zone. TEDA plans to fully develop the expanded area within 2 to 3 years, focusing on attracting high-end manufacturing enterprises, including those in new energy, new materials, automobiles and spare parts, and fine chemicals, Cao added.
See - Sada Elbalad
5 hours ago
- Entertainment
- See - Sada Elbalad
PM: Thursday July 24 Paid Holiday on July 23 Revolution Anniversary
Basant Ahmed Dr. Mostafa Madbouly, Prime Minister, issued a decision declaring Thursday, July 24, 2025, an official paid holiday on the occasion of the July 23 Revolution anniversary, instead of Wednesday, July 23, 2025, for employees in ministries, government agencies, public authorities, local administration units, public sector companies, and public business sector companies. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Al-Ahram Weekly
10 hours ago
- Business
- Al-Ahram Weekly
SCZone secures $100 mln deal to develop industrial land in Ain Sokhna
The Suez Canal Economic Zone (SCZone), the Main Development Company (MDC), and TEDA Egypt signed a $100 million contract on Tuesday to develop 2.86 km² of industrial land in Ain Sokhna, transforming it into an advanced industrial hub. According to a cabinet statement, Prime Minister Mostafa Madbouly, SCZone Chairman Walid Gamal El-Din, Minister of Industry and Transport Kamel El-Wazir, and other senior representatives from MDC and TEDA Egypt attended the signing ceremony held in New Alamein. The expansion will increase TEDA Egypt's total area in Ain Sokhna to approximately 10 square kilometres, following the near completion of its previously allocated 7-square-kilometre plot, read the statement. During the ceremony, PM Madbouly emphasized the importance of cooperation to accelerate industrial development within the SCZone, highlighting the region's competitive advantages that position it as a key regional hub for manufacturing and logistics. He praised the SCZone's success in encouraging developers to pursue further expansions. Meanwhile, Gamal El-Din described the signing as a strategic step, affirming that SCZone's partnership with MDC and TEDA Egypt opens the door for implementing a comprehensive development plan. This aligns with the authority's strategy to localize industries and deepen domestic manufacturing within the zone. He also highlighted that the expansion provides a new platform for localizing target industries and enhances the SCZone's appeal to Chinese companies aiming to reach regional and international markets. Over the past three years, SCZone has attracted more than $4 billion in Chinese investments, with mutual trust and aligned development goals expected to double this figure soon. TEDA Egypt, established in 1984, is one of the leading industrial developers in the SCZone, known for its extensive experience in creating industrial communities. It has successfully attracted numerous Chinese and international investments to the area over the past years. MDC, an Egyptian shareholding company founded in 2006 to be the main developer of SCZone, is responsible for managing and developing industrial assets within the authority. Follow us on: Facebook Instagram Whatsapp Short link:
