Latest news with #SCZONE
Daily News Egypt
5 days ago
- Business
- Daily News Egypt
Chinese business delegation explores SCZONE's investment, logistics potential
A high-level delegation from the Zhejiang Federation of Industry and Commerce (ZFIC), led by Vice President Jin Min Xiang, visited the Suez Canal Economic Zone (SCZONE) on Tuesday to explore investment opportunities in Egypt's strategic logistics hub. The delegation, comprising government officials and representatives from leading Zhejiang-based companies in construction, logistics services, metal industries, investment, and financial services, met with SCZONE Chairperson Walid Gamal El-Din and other senior officials. During the meeting, Gamal El-Din delivered a presentation outlining the SCZONE's strengths and competitive advantages. The zone integrates six ports on the Mediterranean and Red Seas with four industrial zones equipped with world-class infrastructure—positioning it as a leading global logistics hub. He noted that the SCZONE's strategy now targets 21 industrial, service, and logistics sectors for localisation. He also highlighted the zone's access to global markets through free trade and international agreements, which enhance its attractiveness to foreign investors. Gamal El-Din reaffirmed his commitment to attracting more investments, particularly from China, building on last month's promotional tour to the country. That visit resulted in six signed projects in the textiles and ready-made garments sector, with further announcements expected soon.
See - Sada Elbalad
01-08-2025
- Business
- See - Sada Elbalad
SCZone Chief Lays Foundation for Two New Chinese Textile Projects Worth $55 Million
Taarek Refaat Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone (SCZone) witnessed the groundbreaking ceremony for two new Chinese textile projects in the industrial developer 'TEDA–Egypt' zone in Ain Sokhna, marking a fresh wave of foreign investment into Egypt's manufacturing sector. The projects, with combined investments exceeding $55 million, are set to create hundreds of direct and indirect jobs, while strengthening Egypt's presence in global textile supply chains. The first project, led by Bridge-Tex, involves the construction of a fully integrated textile complex on a 40,000-square-meter plot. With an investment of over $25 million, the facility will house 18 spinning lines, more than 100 fabric production lines, and six printing and dyeing lines. Once fully operational, the plant is expected to produce 25 million meters of high-quality fabrics and 105,000 tons of fibers annually, generating around 500 direct jobs and 1,000 indirect jobs. The second project, developed by F-TEX International, will be built on 55,000 square meters with 60 production lines for drawn textured polyester yarn (DTY). The $30 million facility is projected to reach full operational capacity by late 2027, with an annual production target of 130,000 tons and 400 direct jobs, contributing an estimated $150 million in annual export revenues. Gamal El-Din emphasized that these projects reflect growing international investor confidence in the SCZONE and the success of the partnership with TEDA–Egypt. He highlighted ongoing talks with Chinese partners to allocate an additional 10 km² for industrial development, following the near-completion of earlier expansion phases. 'These projects will not only add significant value to the local economy and create jobs, but also enhance Egypt's industrial integration and global supply chain competitiveness,' Gamal El-Din said, noting that SCZONE attracted $8.6 billion in investments across 297 projects over the past three years, including $4.4 billion in the last fiscal year alone. Representatives from both companies highlighted the export-oriented nature of the projects, with 80% of output destined for U.S. and European markets. Bridge-Tex expects annual sales of $120 million, with $100 million in foreign currency inflows, while F-TEX executives framed the project as a symbol of Sino-Egyptian textile cooperation, combining Chinese technology with Egyptian labor to achieve sustainable growth. The two projects are expected to boost Egypt's textile exports, potentially helping the country surpass $10 billion in annual textile export revenues, according to company statements. 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 Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs 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 Arts & Culture Lebanese Media: Fayrouz Collapses after Death of Ziad Rahbani Sports Get to Know 2025 WWE Evolution Results
Arab News
30-07-2025
- Business
- Arab News
Egypt's Suez Canal Economic Zone revenues jump 38% YoY despite traffic downturn
RIYADH: Egypt's General Authority for the Suez Canal Economic Zone reported a 38 percent year-on-year increase in revenue in the fiscal year 2024/25, reaching 11.43 billion Egyptian pounds ($234 million). According to a statement from the Egyptian Cabinet, the authority also recorded a surplus of 8.49 billion pounds during the same period, SCZONE Chairman Walid Gamal El-Din told Prime Minister Mostafa Madbouly during a meeting to review the zone's performance and investment pipeline. The growth comes despite a steep downturn in traffic through the Suez Canal, which saw revenues decline 54.1 percent to $2.6 billion between July 2024 and March, as ongoing Red Sea tensions triggered a 44.8 percent drop in ship transits. The increase aligns with SCZONE's objective to attract regional businesses by offering streamlined access to local markets and talent, along with value-driven industrial parks that support integrated supply chains. In a statement posted on its official Facebook page, the Cabinet said the SCZONE chairman noted that 'the authority's promotional efforts contributed to achieving actual contracts for industrial, service, and logistics projects worth $7.09 billion for 286 projects, in addition to seaport projects worth $1.5 billion for 11 projects, for a total of $8.6 billion for 297 projects.' SCZONE Chairman Walid Gamal El-Din, third from left, listens to Prime Minister Mostafa Madbouly, centre. Egypt Cabinet/Facebook During the meeting, Gamal El-Din highlighted progress in two key industrial areas. In Ain Sokhna, the zone attracted foreign investment in sectors such as renewable energy, electronics, pharmaceuticals, automotive components, and metal manufacturing. Meanwhile, the Qantara West zone saw the implementation of 31 projects spanning 2 million sq. meters, with a combined investment of $799 million, expected to generate 45,000 job opportunities. Gamal El-Din also outlined how the authority aims to attract new projects in industrial and service sectors such as technology and semiconductors, electronics, engineering equipment and machinery, photovoltaic solar cells, vocational training centers, and silica sand mining and raw materials industries. He added that the authority has already secured $43 million in foreign investment in silica mining and modern building materials. As part of these efforts, the SCZONE chairman noted that a promotional tour across several Chinese provinces was conducted to attract new foreign direct investment. The visit included high-level meetings with major Chinese firms and culminated in the signing of six new industrial project contracts in the textile and garments sector, valued at a combined $117.5 million. The deals represent a strategic step toward deepening economic ties with China and expanding Egypt's manufacturing base, the statement added.
Daily News Egypt
29-07-2025
- Business
- Daily News Egypt
SCZONE chief discusses strengthening maritime, logistics cooperation with Panama
Waleid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), met with Ricardo Icaza, Ambassador of Panama to Egypt, on Tuesday at the SCZONE headquarters in the New Administrative Capital. The meeting focused on deepening cooperation in maritime transport, logistics, and targeted industrial sectors. Gamal El-Din emphasized that the discussions align with SCZONE's ongoing efforts to expand its international partnerships and open new markets. He added that this strategic approach supports the Authority's integration across various industries and supply chain networks. Strengthening economic and investment ties with Latin American countries, especially Panama, was highlighted as a key priority. Further, Gamal El-Din underlined the investment opportunities within SCZONE and the region's competitive advantages, such as its prime location, cutting-edge infrastructure, and seamless integration between ports and industrial zones. He also stressed the importance of cooperation in key sectors, particularly maritime and logistics, given their central role in positioning the SCZONE as a global trade and logistics hub. Ambassador Ricardo Icaza reiterated Panama's eagerness to enhance cooperation with SCZONE. He highlighted the shared significance of the Panama Canal and the Suez Canal Economic Zone as vital trade corridors, emphasizing their potential to serve as a model for global supply chain integration. This meeting is part of SCZONE's ongoing promotional efforts with diplomatic missions, international companies, and institutions to showcase investment opportunities and foster strategic partnerships in targeted sectors.
Daily News Egypt
28-07-2025
- Business
- Daily News Egypt
Egypt, Singapore explore cooperation on digital transformation of ports
Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), met with Ambassador of Singapore to Cairo, Dominic Goh, on Monday at the SCZONE headquarters in the New Administrative Capital. The meeting focused on strengthening bilateral ties and exploring investment opportunities within the SCZONE, with particular emphasis on its industrial, logistics zones, and affiliated seaports. During the discussion, Gamal El-Din outlined the numerous investment opportunities available through the SCZONE's strategic vision, which includes 21 diversified industrial and logistics sectors. He emphasized that the integration of ports and industrial zones plays a crucial role in linking manufacturing processes with global markets, especially given the Authority's ownership of six ports located on both the Mediterranean and Red Seas. Gamal El-Din expressed the SCZONE's keen interest in collaborating with Singaporean institutions and companies in several key sectors. He noted that ongoing consultations with Singapore Cooperation Enterprise (SCE) are focused on transferring Singapore's advanced expertise in port management and operations. The collaboration aims to incorporate the latest smart port technologies, which are pivotal in the SCZONE's digital transformation strategy for ports. The Chairperson further highlighted that this partnership is critical for supporting the implementation of the Authority's digital transformation initiatives, which aim to improve governance, enhance operational efficiency, and increase cargo handling capabilities at SCZONE ports.
