Latest news with #SuezCanalEconomicZone
Zawya
21 hours ago
- Business
- Zawya
Egypt's SCZone reports $8.6bln in new contracts since mid-2022
Egypt's Suez Canal Economic Zone (SCZone) has secured contracts worth $8.6bn for 297 industrial, service, logistics, and port projects since the start of the 2022/2023 fiscal year, its chairman said on Monday. In a meeting with Prime Minister Mostafa Madbouly, SCZone Chairman Waleid Gamal El-Dein said the authority's promotional efforts had attracted $7.09bn in actual contracts for 286 industrial, service, and logistics projects up to June 2025. An additional $1.5bn in contracts were signed for 11 seaport projects. Gamal El-Dein also reported on the results of his recent promotional visit to several Chinese provinces from July 21-25. He said the visit resulted in the signing of six contracts with various investors for new industrial projects in the clothing and textile sector, valued at $117.5m. The SCZone chairman reviewed the authority's financial position, noting that actual revenues for the 2024/2025 fiscal year reached EGP 11.425bn, with a surplus of EGP 8.487bn for the same period. He also detailed the progress of various projects within the zone. In the Sokhna industrial area, the authority has attracted international companies for projects in new energy, electronics, pharmaceuticals, and automotive components. In the Qantara West industrial zone, 31 projects have been implemented on an area of 2 million square metres, with a total investment cost of $799m, providing 45,000 jobs. Gamal El-Dein also discussed investments in the East Ismailia industrial zone (Technology Valley), which aims to create a new urban community based on high-tech industries. The authority is targeting projects in technology, semiconductors, electronic devices, solar cells, and vocational training centres. He added that the SCZone has successfully attracted new foreign investments of $43m in the silica mining and modern building materials industries in this area.
Daily News Egypt
a day ago
- Business
- Daily News Egypt
Egypt's SCZone reports $8.6bn in new contracts since mid-2022
Egypt's Suez Canal Economic Zone (SCZone) has secured contracts worth $8.6bn for 297 industrial, service, logistics, and port projects since the start of the 2022/2023 fiscal year, its chairman said on Monday. In a meeting with Prime Minister Mostafa Madbouly, SCZone Chairman Waleid Gamal El-Dein said the authority's promotional efforts had attracted $7.09bn in actual contracts for 286 industrial, service, and logistics projects up to June 2025. An additional $1.5bn in contracts were signed for 11 seaport projects. Gamal El-Dein also reported on the results of his recent promotional visit to several Chinese provinces from July 21-25. He said the visit resulted in the signing of six contracts with various investors for new industrial projects in the clothing and textile sector, valued at $117.5m. The SCZone chairman reviewed the authority's financial position, noting that actual revenues for the 2024/2025 fiscal year reached EGP 11.425bn, with a surplus of EGP 8.487bn for the same period. He also detailed the progress of various projects within the zone. In the Sokhna industrial area, the authority has attracted international companies for projects in new energy, electronics, pharmaceuticals, and automotive components. In the Qantara West industrial zone, 31 projects have been implemented on an area of 2 million square metres, with a total investment cost of $799m, providing 45,000 jobs. Gamal El-Dein also discussed investments in the East Ismailia industrial zone (Technology Valley), which aims to create a new urban community based on high-tech industries. The authority is targeting projects in technology, semiconductors, electronic devices, solar cells, and vocational training centres. He added that the SCZone has successfully attracted new foreign investments of $43m in the silica mining and modern building materials industries in this area.
Daily News Egypt
a day ago
- 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
2 days ago
- 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.
Daily News Egypt
3 days ago
- Business
- Daily News Egypt
SCZONE chief welcomes high-level Chinese textile delegation
Waleid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), met Sunday with a high-level Chinese trade delegation at the Authority's headquarters in the New Administrative Capital. The delegation was led by Li Xin, Vice President of the China National Garment Association (CNGA), and comprised 15 representatives from sub-federations and major textile and apparel manufacturers across several Chinese provinces, including Shandong, Zhejiang, Fujian, and Shanghai. The visit comes as part of ongoing cooperation between Egypt's Commercial Representation Authority and SCZONE to attract foreign direct investment, particularly in high-potential industrial sectors. The meeting was also attended by senior SCZONE executives. Gamal El-Din presented a comprehensive overview of the SCZONE's industrial zones and their competitive advantages for international investors. He underscored the strategic importance of the textile and garment sector in SCZONE's development plans, citing its role in promoting vertical integration and expanding local manufacturing capabilities—from spinning and weaving to finished products. He highlighted that the outcomes of SCZONE's recent promotional roadshow in China reflected growing investor confidence in Egypt's economic prospects and industrial ecosystem. As a result, dedicated zones—particularly Qantara West—have been allocated to support the textile industry. This zone currently hosts 21 Chinese projects in spinning and weaving, reinforcing its position as a regional hub for the sector. Additionally, the Ain Sokhna industrial zone is home to 18 companies operating in textile and apparel manufacturing. Gamal El-Din attributed the region's appeal to its robust infrastructure, streamlined regulatory services, investment incentives, competitive energy costs, and availability of skilled labor. Li Xin expressed his appreciation for the warm welcome and emphasized the delegation's goal of exploring available opportunities within SCZONE's industrial zones. He commended SCZONE's reputation among Chinese investors, particularly its efficient 'one-stop shop' services that simplify investment procedures. 'There is growing interest among Chinese textile and apparel firms in expanding operations in Egypt,' Li said, noting the importance of aligning Chinese manufacturing capacity with Egypt's strategic location and industrial infrastructure. This visit follows a successful SCZONE promotional tour in China, during which the Authority engaged with key stakeholders across multiple cities to promote Egypt as a prime investment destination for the textile and garment industry.
