Egypt’s SCZONE attracted $1.7 billion in industrial investments in 2023: Official

Ahram Online , Monday 11 Dec 2023

The Suez Canal Economic Zone (SCZONE) has attracted more than $1.7 billion in industrial investments since the beginning of 2023, Ibrahim Abdel-Khalek, Deputy Chairman of SCZONE, said on Monday.

A photo showing the Chinese delegation visit to Egypt s SCZONE. SCZONE website.
A photo showing the Chinese delegation visit to Egypt s SCZONE. SCZONE website.


Abdel-Khalek’s remarks were made during a meeting with a Chinese delegation, led by Li Wenhai, Deputy Mayor of the Chinese city of Tianjin, Liu Emin, CEO of TEDA Egypt Investment Company, and other prominent figures.

Abdel-Khalek underscored the SCZONE's unwavering commitment to Sino-Egyptian cooperation, which spans over 15 years at the TEDA Cooperation Zone.

“This cooperation exemplifies the deep-rooted bilateral relations between Egypt and China and underscores the significance of Chinese investments in the SCZONE's economic projects,” he explained.

The TEDA Zone recently celebrated its 15th anniversary, and currently hosts operations of over 140 companies, with investments totaling $1.6 billion.

Collaboration between TEDA and the SCZONE has also created over 5,000 direct and 50,000 indirect job opportunities.

Abdel-Khalek further highlighted the recent visit of an Egyptian delegation to China, led by Prime Minister Mostafa Madbouly, on the sidelines of the Belt and Road initiative's 10th anniversary celebration. Several agreements were signed during this visit, promising new Chinese investments in the SCZONE.

These agreements amounted to $15.6 billion, including 11 manufacturing and green hydrogen projects over a vast area of 4.9 million square metres.

In mid-October, the SCZONE signed energy agreements worth up to $14.75 billion with Chinese partners, including a $6.75 billion agreement to build green ammonia and green hydrogen plants, and an $8 billion agreement to establish a potassium chloride production complex.

The SCZONE's revenues reached an all-time high of EGP 6.065 billion in the fiscal year 2022/2023, concluding in June.

This milestone further solidifies Egypt's plans to bolster its US dollar liquidity by $191 billion through 2026, with $17 billion expected from the Suez Canal.

Egypt-China trade increased by 2.6 percent during the first 11 months of 2022, hitting $14.9 billion, up from $14.5 billion during the same period in 2021.

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