Egypt’s Suez Canal Economic Zone (SCZone) signed five framework agreements to launch projects worth approximately $250 million in total, according to a Cabinet statement on Tuesday 23/1/2024.

Under the agreements, the Suez Canal Economic Zone will participate in the preparation of feasibility studies for various projects, which would be an initial step to 50 other agreements currently under negotiations, SCZone’s Chairman Waleed Gamal El-Dien stated.

The five framework agreements cover the following projects:

1- A ready-made clothes factory on 75,000 square metres with $150 million investments to be built under the usufruct system by Aurajlo Company for Garment Industry.

2- A PET plastic recycling project by a subsidiary of Youssef Allam Group on 10,000 square metres with a $15 million investment.

3- Textile and dyeing project by Jade Textile on 100,000 square metres with investments of $65 million.

4- A pharmaceutical factory by Orchidia Pharmaceutical Industries on 10,000 square meters with over EGP
1 billion investments.

5- A wood industry project on 12,700 square metres by El-Hamd Company with EGP 129 million in investments.

The SCZone has attracted several investors in the past few years.

The SCZone’s revenues hit a record high of EGP 6.065 billion in FY2022/2023, which ended in June.

Source: State Information Service Egypt