Latest news with #WalidGamalElDin
Arab News
2 days ago
- 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.
Zawya
23-07-2025
- Business
- Zawya
Egypt's SCZONE signs $52.6mln textile industry deals during China investment tour
Egypt - The Suez Canal Economic Zone (SCZONE), chaired by Walid Gamal El-Din, signed on Tuesday three new contracts with leading Chinese textile and ready-made garment companies, totalling approximately $52.6m (EGP 2.58bn) in investments. Together, these projects are expected to create around 3,500 direct job opportunities. The agreements were signed in Nanjing, Jiangsu Province, during the Authority's investment promotion tour across several Chinese provinces aimed at deepening industrial cooperation and attracting further Chinese investment in priority sectors within the SCZONE. One of the contracts was signed with Changzhou East Noah Printing and Dyeing Co. Ltd, a top Chinese firm and certified supplier to major global brands. The company will establish an integrated textile factory on an 80,000 sqm plot in the Qantara West Industrial Zone, dedicated to spinning, weaving, and fabric production. The $20m project, fully self-financed by the company, is set to generate around 1,000 direct jobs. The new factory will span all stages of textile manufacturing—from ultra-fine polyester fiber yarn production and knitting, to printing, dyeing, and finishing—producing home textiles such as blankets, bed linens, and quilts. It will have a daily production capacity of 80 tonnes and is projected to deliver up to eight million finished home textile items annually, with 90% of output designated for export and 10% for the local market. A second agreement was signed with Changzhou Golden Spring Textile Co., Ltd, a major integrated player in the textile sector that exports to over 40 countries and has a brand presence in more than 20 international markets. The company plans to establish a factory on an 85,000 sqm site in Qantara West to produce luxury textiles and home furnishings, with a total investment of $24m, also fully self-financed. This project is expected to create another 1,000 direct jobs. With an annual production capacity of 15,800 tonnes of fabrics and two million finished textile products, the factory will focus on blankets, bed linen sets, and quilted duvets. As with the first project, 90% of production is planned for export to markets across the Middle East, North Africa, Europe, and the Americas, with the remainder serving the local market. The third contract was signed with Jiangsu Sainty Corporation Ltd., part of SOHO Holdings Group, to establish a ready-made garments factory on a 40,000 sqm plot in Qantara West. The $8.6m project, also self-financed, will create approximately 1,500 direct jobs and will dedicate 100% of its production to export markets. The company brings over four decades of experience, exporting to about 100 countries worldwide, including the United States, the European Union, and Canada. Gamal El-Din noted that these new agreements reflect the SCZONE's ongoing successful cooperation with the Chinese business community, a key strategic partner in the Authority's development plans. With these latest contracts, the number of Chinese projects in the Qantara West Industrial Zone now stands at 18. He highlighted that the textile sector is among the SCZONE's top priorities for localisation, given its strong potential for integration with related industries and its ability to create large-scale employment. To support this, the Authority has designated a prime area within Qantara West specifically for textile activity. 'These agreements confirm the SCZONE's success in attracting quality industrial investments through international partnerships and integration,' Gamal El-Din added, 'supporting national efforts to boost local manufacturing and expand export capacity.' With the addition of these three projects, the total number of contracted projects in the Qantara West Industrial Zone has now reached 28, representing total investments of around $734.1m. Collectively, these projects cover nearly 1.8 million square metres and are expected to create 38,455 direct job opportunities—reinforcing the SCZONE's growing role as a leading industrial hub supporting Egypt's ambition to strengthen its global position in textiles and ready-made garments. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Zawya
14-07-2025
- Business
- Zawya
Hayat Egypt breaks ground on new production lines in Ain Sokhna with $44mln investment
Egypt - Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), attended on Sunday the foundation stone laying ceremony for new production lines at the Turkish 'Hayat Egypt' factory for hygiene products. The expansion covers 30,000 square metres within the Orascom Industrial Parks development, located in the integrated Ain Sokhna zone under SCZONE's jurisdiction. Backed by a total investment of $44m (around EGP 2.2bn), the new lines will focus on manufacturing nonwoven hygiene products. Once operational—expected by March 2026—the project will create over 400 direct job opportunities, with 75% of output earmarked for export markets. The ceremony was attended by Tarek El-Shazly, Governor of Suez; Salih Mutlu Şen, Turkish Ambassador to Cairo; Şenol Keserlioğlu, General Manager of Hayat Egypt; and senior representatives from SCZONE and Orascom Industrial Parks. Gamal El-Din highlighted that SCZONE has recently succeeded in attracting a diversified portfolio of investments in line with its localisation strategy. He noted that the expansion of Hayat Egypt signals renewed Turkish investor confidence in the Zone. Today, 18 Turkish companies operate across SCZONE's areas, especially in textiles, ready-made garments, and hygiene products, with combined investments reaching about $793.8m. This includes 10 companies in the integrated Ain Sokhna zone with $508m in investments, and 8 companies in Qantara West with a further $285.8m. 'These expansions reflect strong trust from Turkish investors in SCZONE's investment climate,' Gamal El-Din said. He attributed this trust to SCZONE's intensive global promotion campaigns, major infrastructure upgrades built to international standards, and recent progress in digitising one-stop-shop services to better serve investors. Gamal El-Din also expressed hope for growing investment from a broader range of countries, supporting SCZONE's vision to localise and deepen industrialisation in targeted sectors and boost Egyptian exports. He stressed that Egypt's current political and economic stability, coupled with robust international relations, makes it an attractive destination for investors and strengthens its position as a global hub for industry and logistics services. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
Yahoo
07-07-2025
- Business
- Yahoo
Turkiye denim producer signs $20m Egypt factory deal to boost exports
The deal, valued at $20m, is expected to generate approximately 500 direct employment opportunities. The factory is projected to produce up to 18 million tonnes of denim fabric each year. Half of this output is designated for export, while the remaining half will supply domestic factories in Egypt. Covering 16,700m2, the plant will focus on producing denim yarns, threads, and fabrics, which serve as the foundational materials for different types of jeans textiles. The agreement was formalised by General Authority of the Suez Canal Economic Zone chairman Walid Gamal El-Din and Şirikçioğlu Grubu chairman Atef Şirikçi. Walid Gamal El-Din said that 'the Suez Canal Economic Zone continues to intensify its efforts during the current phase to attract more investments in the sectors that the authority aims to localise within its strategy, in order to achieve the state's goals of deepening local manufacturing and increasing exports'. The authority also commits to improve the region's infrastructure to align with increasing international demand for goods by enhancing supply chains and integrating them with the economic zone's ports on both the Red Sea and Mediterranean as well as its industrial and logistics zones, the authority chairman said. The latest undertaking marks the 25th project within the Qantara West Industrial Zone, bringing the total investments in the area to $681.5m and creating 34,955 direct jobs. 'This confirms the success of the strategic approach followed by the authority to promote export industries, deepen the local manufacturing system, and localize supply chains in the spinning and weaving sector, starting from the manufacture of raw materials, through the stages of denim fabric production, which is the raw material for producing jeans, and ending with the ready-made garment industry,' Walid Gamal El-Din stated. Şirikçioğlu Grubu Textile Turkiye, which was established in 1997, produces denim threads and fabrics. With a workforce exceeding 5,000 across its factories in the country, the company exports its textile products to numerous global brands. Waleid Gamal El-Dien recently signed a contract with Turkiye company Ulusoy for the establishment of an industrial project on a 35,000m2 land plot in the Qantara West Industrial Zone. This factory will produce fibre yarns, carpet yarns, hand-knitting yarns, tricot yarns, and household crochet yarns. The $18m project is expected to generate around 855 direct job opportunities. In August last year, Turkiye's Eroglu Garment started construction on a $40m ready-made garment factory in the Qantara West Industrial Zone. "Turkiye denim producer signs $20m Egypt factory deal to boost exports" was originally created and published by Just Style, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
24-06-2025
- Business
- Zawya
Egypt: SCZone inks $20mln denim project in Qantara West
Arab Finance: The General Authority of the Suez Canal Economic Zone (SCZONE) has signed a $20 million contract with Turkish company ?irikçio?lu Grubu to establish a denim manufacturing plant in the Qantara West Industrial Zone, as per a statement. The project will span 16,700 square meters and will focus on producing denim yarns, threads, and fabrics—the essential raw materials for jeans production. Half of the plant's annual output, projected at 18 million tons of fabric, will serve export markets, while the other half will meet the demands of local Egyptian factories. The facility is expected to create around 500 direct job opportunities. Chairman of SCZone Walid Gamal El-Din described the project as a significant step in SCZONE's broader strategy to localize high-value textile industries and enhance Egypt's export capacity. He noted that this marks the 25th project in the Qantara West Industrial Zone, bringing total investments there to $681.5 million and generating 34,955 direct job opportunities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
