Egypt’s SCZone secures 127 projects worth $2.8b in 9m

Egypt’s General Authority for Suez Canal Economic Zone (SCZone) has secured 127 projects in the period from July 2023 to March 21 2024, totalling $2.8 billion in investments, as per a statement from the Cabinet.

In nine months, 61 projects have received final approvals, 49 per cent of which were foreign investment. While 66 projects have obtained initial approvals, 39 per cent of which are foreign investments, expected to create over 22,000 direct and indirect job opportunities.

The report added that 63 new companies were established with 48.5 per cent foreign capital from July 1, 2023 to March 21, 2024.

From January 2024, 37 projects worth $894 million have been initiated. Of them, 13 projects have received final approvals, while 24 have received initial approvals.