Latest news with #TaarekRefaatWalidGamalEl-Din
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
See - Sada Elbalad
27-07-2025
- Business
- See - Sada Elbalad
SCZone Chief Welcomes Guangdong Trade Delegation amid Expanding Egypt–China Investment Ties
Taarek Refaat Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) received an official delegation from Guangdong Province's China Council for the Promotion of International Trade (CCPIT) on Sunday evening at the Authority's headquarters in the New Administrative Capital. The high-level Chinese delegation was led by Shen Xiaofeng, Chairman of the CCPIT Guangdong chapter, and follows a successful promotional tour conducted by the SCZone delegation in China earlier this month. That tour culminated in the signing of multiple investment agreements and preliminary understandings for further projects. The meeting was attended by senior SCZone executives and representatives from several Chinese companies operating across diverse industrial sectors. In his opening remarks, Gamal El-Din delivered a presentation showcasing the SCZone's competitive advantages, highlighting its strategic geographic location that offers direct access to global markets via a network of free trade agreements. He emphasized the integrated nature of the Zone's industrial, logistical, and port infrastructure, which aligns with modern "near-shoring" strategies to bring production closer to key markets. He also pointed to robust investment incentives, including tax and customs exemptions, and regulatory frameworks designed to streamline foreign investment. 'The Suez Canal Economic Zone represents a timely and effective solution for investors seeking stability amid global economic and geopolitical shifts,' Gamal El-Din said. He stressed the strategic alignment between SCZone priorities and Chinese investment interests, noting the strong and long-standing relationship between Egypt and China. The SCZone chief expressed his ambition to expand cooperation with CCPIT Guangdong, particularly in promoting the zone's opportunities to Chinese business communities. He invited Chinese enterprises to capitalize on the momentum generated by recent discussions and to translate them into tangible projects that support economic growth in both countries. 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 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 Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
19-05-2025
- Business
- See - Sada Elbalad
SCZone Signs Contract with Chinese Ready-made Garments Manufacturer worth $15 Million
Taarek Refaat Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) signed, on Sunday, a contract for the Chinese company GS Global Sourcing Co., which specializes in the ready-made garment industry, to establish its project within the Qantara West Industrial Zone. The project will span an area of 27,000 square meters, with investments totaling $15 million (EGP 751.5 million). The project will provide approximately 2,000 direct job opportunities and aims to produce more than 12 million pieces of ready-made garments annually, with 100% of the production allocated for export. Gamal El-Din stated, "The Qantara West Industrial Zone is one of the most prominent successful models in attracting quality investments, especially in the spinning, textiles, and ready-made garments sectors. It has become an integrated and leading zone in this field, thanks to its capabilities and proximity to the Canal governorates, which makes it suitable for labor-intensive projects." Gamal El-Din added that GS Global Sourcing's new project represents an extension of the trust it enjoys. The region is attracting international investors, reflecting its ability to attract companies with international supply chains and serving major brands. He explained that the total contracted investments in the Qantara West Industrial Zone—following the signing of this project—have increased to $579.5 million, providing more than 27,300 direct job opportunities through 19 projects. 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 Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
See - Sada Elbalad
28-04-2025
- Business
- See - Sada Elbalad
SCZone Witnesses Signing of Contract for Massoud Steel worth EGP 965 Million
Taarek Refaat Walid Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) witnessed this Sunday at the authority's headquarters the signing ceremony of a contract for the Massoud Steel Group, an Egyptian company specializing in the manufacture of metal containers and tinplate printing services. The project is located on an area of 31,000 square meters in the ready-made factories area within the scope of the industrial developer, the Main Development Company (MDC), in the Sokhna Industrial Zone. The project has an investment cost estimated at EGP 965 million and employs approximately 130 workers. The project targets the local market in its first phase and exports in subsequent phases, providing additional job opportunities in this sector. Production at the project is scheduled to begin during the first quarter of 2026. In this context, Walid Gamal El-Din explained that the diverse incentives within the economic zone, including direct and indirect financial incentives, exemptions for exported goods, an export support program, and the strategic location and integration between industrial zones and seaports, provide a favorable investment environment for Massoud Steel Group, especially as the company aims to export abroad and reach global markets. The Chairman of the Suez Canal Economic Zone pointed out that the production and printing of metal containers is a pivotal industry that feeds various industries and products required in the local and regional markets. 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 Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
