SCZone record an all-time high of LE 6B revenues in FY2022/23



Sun, 17 Sep 2023 - 11:43 GMT


Sun, 17 Sep 2023 - 11:43 GMT

CAIRO - 17 September 2023: The Suez Canal Economic Zone (SCZONE) recorded an all-time in total revenues that exceeded LE 6 billion in the 2022/2023 fiscal year for the first time in its history, according to a statement issued by the SCZone.

The figures were revealed during the SCZone Board of Directors' first meeting for the new fiscal year 2023/2024, headed by SCZone’s Chairman Walid Gamal El Din, to discuss and approve new projects in the Economic Zone in many industrial sectors targeted for localization until 2025.

The total revenues witnessed a 78 percent increase compared to LE 3.490 billion it recorded during the past fiscal year 2021/2022.

The SCZone’s investment and promotional plan for the 2022/2023 fiscal year included contracts in industrial zones and ports worth $3.57 billion for 60 projects, 53 of which were in industrial zones worth $2.23 billion and 7 projects in affiliated seaports worth $1.34 billion.

The SCZone also signed 14 memoranda of understanding (MoUs), and plans to sign additional eight in the next few months.

68 companies were established in the zone with an issued capital of $44 million, 55 industrial projects also received initial approval at a total investment cost of $1.7 billion, in addition to 50 companies that obtained a construction license. 16 projects in several industries had investments of $255 million during the first quarter of the new fiscal year 2023/2024.

The SCZone also plans to carry out a promotional campaign targeting global investments, with a focus on the BRICS and GCC countries, European nations, and the US. The roadshow has already visited countries including India, China, Japan, the Netherlands, and Vietnam recently and has plans to go to South Korea, Germany, the UK, Vietnam, Singapore, and Brazil before the end of 2023.



Leave a Comment

Be Social