Cairo: Egypt’s Suez Canal Economic Zone (SCZONE) signed a usufruct contract with Industrial House to establish a new gypsum-based products factory in Technology Valley, East Ismailia, and Sinai. The project, with a total investment of $12 million (exceeding 600 million Egyptian pounds), will span 50,000 square metres and create 500 direct job opportunities.

According to State Information Service Egypt, the agreement marks the second project in Technology Valley. The facility will include three production lines for gypsum boards, plaster, and plastic packaging bags. SCZONE Chairman Walid Gamal El-Din highlighted that the agreement reflects more than two and a half years of promotional efforts to attract investment across the economic zone’s industrial areas and ports.

These efforts have secured two projects in the metal and building materials industries, with a combined investment of $17 million, covering 85,000 square metres and generating 650 direct jobs. He attributed this progress to SCZONE’s focus on world-class infrastructure, full digitalization of investor services, and strong partnerships with both the public and private sectors.

Moreover, Industrial House plans to allocate over 80 per cent of its production for export, benefiting from the strategic integration between Technology Valley and East Port Said Port. At full capacity, the factory’s production output is expected to reach four million square metres of gypsum boards, 900,000 tons of plaster, and 60 million plastic bags annually.