CAIRO – 30 January 2025: The Suez Canal Economic Zone (SCZone) has announced net revenues of $5.7 billion for the first half of FY2024/2025, reflecting continued growth and expansion.
During its latest board meeting, officials reviewed key financial performance metrics, investment strategies, and the proposed budget for FY2025/2026. The session also saw the approval of new projects in the textile and metal industries, further strengthening SCZone’s role as a leading industrial and logistics hub.
The financial report for July to December 2024 revealed net revenues of LE 5.673 billion, marking a 32 percent increase compared to LE 4.3 billion in the same period of FY2023/2024. The revenue also exceeded the FY2024/2025 budget forecast of LE 5.2 billion by 8 percent.
A closer analysis of the revenue distribution showed that port operations contributed 77 percent of the total revenue, reaffirming their crucial role in SCZone’s financial performance. Additionally, other commercial activities witnessed a significant surge, accounting for 23 percent of total revenue, compared to an average of 8 percent over the last five years.
Alongside the financial review, the SCZone board also approved the estimated budget for FY2025/2026, paving the way for further investment and infrastructure development.
SCZone Chairman Walid Gamal El-Din provided an update on investment attraction efforts, highlighting the successful acquisition of 66 new projects spanning various industries, with a total investment of $1.755 billion.
These include, 54 entirely new ventures, and 12 expansion projects, reflecting the confidence of existing investors in the economic zone’s long-term potential.
The board approved four large-scale industrial projects in the textile, ready-made garments, and metal industries, with total investments amounting to $1.843 billion.
One of the key projects is Eroglu Global Knitting, a Turkish textile company, which is investing over $40 million to expand its existing facility in Qantara West. This 274,000-square-meter expansion, expected to be operational by March 2025, will focus on yarn, fabric, and garment production, with 70 percent of its output dedicated to exports.
Shanghai Honour, specializing in home textiles, is investing $3.5 million, with 100 percent of its production intended for export.
Jiangsu Guotai, a ready-made garments manufacturer, is investing $10 million, also dedicated to 100 percent export production.
A major highlight of the board meeting was the approval of a $1.65 billion investment by Shin Feng Egypt to establish the largest integrated metal industries complex in Ain Sokhna. The facility will serve the automotive and home appliance industries while also housing two research and development centers and a waste recycling facility.
The project will be implemented in two phases:
Phase 1: Investments of $813 million for the construction of four factories producing automobile components, metal parts for home appliances, standard fixings, and rolled metal sheets.
Phase 2: Investments of $835 million for five additional factories specializing in machinery parts, brake rotors (150,000 tons annually), steel structures (100,000 tons annually), and other automotive components.
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