SCZONE has signed a $20 million contract with Chinese company Deyu for a large textile printing and dyeing facility in the TEDA Cooperation Zone, coupled with an agreement with Aoxiu Textile Company worth $25 million.
Smaller contracts with Kang Dewei and Zaiyu Auto Parts for new facilities were also signed, worth $3.2 and $2 million, respectively.
The zone also finalized a $10 million contract with the China State Construction Engineering Corporation (CSCEC) for the construction of the China Construction Curtain Wall on an area of 27,000 square meters in the Central Business District of the New Administrative Capital.
Founded in 2008 by China's Tianjin TEDA Investment Holding Co., the TEDA Cooperation Zone is located in Ain Sokhna, Suez Governorate, over 120 kilometres from Cairo.
“The new projects are the results of the continuous work and the strategic partnership between SCZONE and Chinese investments, as TEDA-Egypt has made investments worth $1.6 billion and witnessed the presence of about 140 companies during the last period," said Walid Gamal El-Din, CEO of SCZONE.
An SCZONE delegation recently toured investment opportunities in Beijing, Tianjin and Guangzhou in China, holding talks with local companies working in the energy sector, infrastructure, textile industries, and others.
Earlier this week, Prime Minister Mostafa Madbouly announced that Egypt plans to bring in $191 billion in annual revenues by 2026, of which $17 billion are expected to be generated from the Suez Canal and other maritime services.
The Suez Canal, a dependable source of foreign currency for Egypt, has brought in $9.4 billion in revenue during the fiscal year 2022/2023, a 35 percent surge from $7 billion in 2021/2022.