Latest news with #SCZone
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:
Zawya
19-05-2025
- Business
- Zawya
Egypt's SCZone Chairperson, Guangdong Governor discuss deeper cooperation
Egypt - 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.'
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.'
Daily News Egypt
13-05-2025
- Business
- Daily News Egypt
Indian business delegation to visit Egypt in June: Acting ambassador
Acting Ambassador of India in Cairo, C. Sushma, announced that a delegation from the Indian business community will visit Egypt in June, emphasizing that Indian companies see Egypt as a strategic investment destination due to its geographic location and extensive network of export agreements with global markets. Speaking at a press conference, Sushma revealed that two Indian companies had already visited Egypt on Sunday to explore opportunities for establishing factories. Discussions centered on cooperation in the rock phosphate sector, with a focus on local manufacturing in Egypt to replace current imports of the raw material. She highlighted that Egypt-India relations were elevated to the level of a strategic partnership in 2023, marked by reciprocal visits from the leaders of both countries. 'Indian investments in Egypt have reached $4bn, and we aim to increase that to $12bn in the coming years,' she said. Sushma also noted that political dialogue between the two countries continued into 2024, with high-level meetings taking place on the sidelines of the BRICS and G20 summits. She stated that there is growing interest in cooperation in the digital technology sector and that more collaborative ventures between Egypt and India are expected in the near future. Outlining current economic ties, Sushma explained that trade between the two countries reached approximately $4bn in the 2021–2022 fiscal year, with ambitions to triple this figure to $12bn. Ongoing negotiations are also underway to expand cooperation in agriculture and food security. India is a major exporter of rice to Egypt and imports phosphate in return. The two countries are now working toward the establishment of a joint phosphate production plant in Egypt to further support the agricultural sector. The Acting Ambassador also disclosed that plans are in motion to create an Indian industrial zone within the Suez Canal Economic Zone (SCZONE). She identified key sectors for cooperation, including automotives, railways, and pharmaceuticals. Discussions on these topics, as well as the proposed industrial zone, will be held with officials from the SCZone and Egypt's Minister of Trade and Industry in the near future. Sushma reiterated that Indian companies are increasingly drawn to Egypt because of its strategic geographic position and the multitude of trade agreements it holds with countries in Africa, the Middle East, and beyond. She also revealed that Egypt's newly appointed Foreign Minister, Badr Abdelatty, is expected to visit India soon for meetings with his Indian counterpart and other senior officials. In closing, Sushma emphasized that relations between Egypt and India have firmly reached a strategic level. She confirmed that India's new ambassador to Egypt will arrive in Cairo within days to officially assume his duties. She recalled that in 2023, bilateral ties reached new heights when President Abdel Fattah Al-Sisi visited New Delhi in January, followed by Indian Prime Minister Narendra Modi's first official visit to Cairo in June. During Modi's visit, both sides formally agreed to upgrade their bilateral relations to a strategic partnership.
Zawya
12-05-2025
- Business
- Zawya
Egypt: Breaking Down the SCZone-AD Ports Deal
The SCZone: Egypt's Gateway to Investment and Growth Recently, the Egyptian Cabinet announced a landmark agreement between the General Authority for the Suez Canal Economic Zone (SCZone) and Abu Dhabi Ports (AD Ports) to develop and manage the KEZAD logistics and industrial zone within East Port Said. However, the announcement sparked confusion among some of the Egyptian public, who mistakenly believed that AD Ports would be managing the Suez Canal itself. The agreement grants AD Ports a renewable 50-year usufruct to develop an integrated economic and logistics model within the proposed industrial zone in East Port Said on an area of 20 square kilometers (km 2). AD Ports will develop, construct, finance, operate, and manage the industrial and logistics zone of KEZAD in multiple phases. The focus in the near term will be on completing the first phase, which will cover an area of 2.8 km 2. A total investment of $120 million will be allocated for relevant market and technical studies, as well as for the development of the first phase over the next three years. Construction of the first phase is scheduled to begin by the end of 2025. The Egyptian state has prioritized the SCZone as a key driver of economic development, working to enhance its appeal to local and foreign investors by improving infrastructure, digital services, and creating a competitive, eco-friendly business environment. Established by presidential decree issued in August 2015, the SCZone, spans 455 million m 2, including six seaports and four industrial zones. As of December 2024, the zone hosts 14 industrial developers and provides 100,000 job opportunities. Revenues from the SCZone have nearly tripled, compared to fiscal year (FY) 2016/2017, reaching EGP 8.2 billion in FY2023/2024, 72% of which were dollar-denominated. Between 2022 and January 2025, the total investments in approved industrial, service, logistics projects amounted to approximately $8.081 billion across 255 projects. Moreover, the total number of companies established within the SCZone has reached 366. During the past three years, 130 factories have been established in the SCZone. Moreover, 120 factories are under construction in 2025. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
