FILE - Chairman of the Suez Canal Authority and the Suez Canal Economic Zone (SCZone)
CAIRO - 1 June 2019: SCzone houses 167 enterprises, Chairman of the Suez Canal Authority Mohab Mamish stated on Friday, according to Daily News Egypt.
TEDA Chinese Industrial city received 13.5 square kilometers southern the canal in 2015. Chinese investors finished the infrastructure, and established 65 logistic entities and 33 industrial entities including Jushi, the largest fiberglass factory in the world.
The size of Chinese investments in the zone is $1 billion, and there is a deal signed for a new factory worth $800 million, Vice-chairman of the SCzone Mahfouz Marzouk told CGTN in a TV interview last year.
Egypt’s Suez Canal is expected to become a pivotal part of the Belt and Road Initiative (BRI) as it will be the only maritime connection between Africa and Asia on the one hand and Europe on the other hand.
CAIRO - 27 April 2019: Egypt's Suez Canal is expected to become a pivotal part of the Belt and Road Initiative (BRI) as it will be the only maritime connection between Africa and Asia on the one hand and Europe on the other hand.
In February, Mamish announced reaching an agreement with the Russian Export Center to establish a company that operates and administers the Russian Industrial Zone (RIZ) in Port Said before April.
The project is worth $7 billion and expected to provide 35,000 job opportunities. It stretches over 5.25 million square meters and will be built over three phases. The first will be finished by 2021, according to TASS.
CAIRO - 7 February 2018: Egypt and Russia have been negotiating $7 billion worth of Russian investments in the Russian Industrial Zone (RIZ) project in the East Port Said region since February 2015, with the final agreement expected to be signed in March.
The Suez Canal chairman said in a press conference held in September 2017 that 96,000 square meters had been allocated for Mercedes Benz in SCzone to establish an assembly plant and an automotive feeding industries factory.
Earlier this year, the company announced resuming assembling vehicles in Egypt in collaboration with a local partner after it had exited the market in April 2015 stating GATT as the reason.
CAIRO - 17 February 2019: Mercedes Benz has decided to resume assembling vehicles in Egypt in collaboration with a local partner. The Ministry of Industry, Trade, and Small Industries will form a technical task force to follow up on the project's execution.
In February, Minister of Investment and International Cooperation Sahar Nasr called on Samsung to establish a regional center in Suez Canal Economic Zone (SCZone) and benefit from the incentives that the investment law provides. She described SCZone as the hugest investment zone in Egypt which has the biggest tax incentive of 50 percent.
A month later, Nasr and Romanian counterpart signed a cooperation protocol to probe investment opportunities by the Romanian business council at the Suez Canal Economic Zone (SCZone).