$8.27 bln in new investments being negotiated by Suez Canal Economic zone

CAIRO - 19 September 2023: Data from the General Authority for the Suez Canal Economic Zone showed the current position of the projects being negotiated in the coming period, as the number of projects being negotiated during the fiscal year 2023/2024 reached about 20 projects in industrial zones.

 

 

The projects being negotiated are expected to provide about 23,000 job opportunities, in addition to 4 direct contract projects with the economic zone with investments of about 1 billion dollars, and they plan to provide 3,200 job opportunities.

 

The Authority’s Board of Directors meeting approved the final account for the fiscal year 2022/2023, where the economic zone’s total revenues exceeded 6 billion pounds for the first time in its history, compared to 3.490 billion pounds during the fiscal year 2021/2022, an increase of 78%, which reflects the success of the steps taken.

 

The Authority has created new aspects of revenues at its affiliated ports by providing ship bunkering services, as well as maximizing the revenues of the industrial zones and other projects and contracts that the Authority has worked to implement with Success Partners within the framework of its strategy to develop its affiliated seaports and integrate them with the industrial zones.

 

The Authority’s investment and promotional plan for the coming period and discussion of promotional efforts during the year 2022/2023, which included contracts in industrial zones and ports during the last fiscal year worth $3.57 billion for 60 projects, 53 of which were in industrial zones worth $2.23 billion, and 7 projects in sea ports.

 

The subsidiary is worth $1.34 billion, with a total berth length of 4,455 metres, and trading yards with an area of 2.85 million square metres, the most notable of which are the Container Terminal 2 and multi-purpose in the East Port Said Port, the cement silos in the West Port Said and Al-Arish ports, and the Container Terminal 3 in the Port of Sokhna.

 

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

 

As for green fuel projects, 9 framework agreements were signed with a total expected investment of $83 billion, targeting the production of about 15 million tons of green fuel of all types annually, on an area of 32 million square meters in industrial zones and 700,000 square meters in ports, while 14 memorandums of understanding were signed. It is planned to sign 8 more memorandums of understanding in the coming months.