Egypt’s SCZone signs $250 mln contracts for 5 projects

Egypt’s Suez Canal Economic Zone (SCZone) signed five framework agreements that aim to initiate projects with a combined value of around $250 million, the Egyptian Cabinet has announced.

The SCZone’s Chairman, Waleed Gamal El-Dien, has stated that the zone will contribute to feasibility studies for several projects under the agreements as a preliminary step towards 50 other agreements currently in negotiation.

The five projects include a $150-mln ready-made clothes factory by Eroglu Egypt on an area of 75,000 square metres,  a $15-mln PET plastic recycling project on an area of 10,000 square metres by a subsidiary of Youssef Allam Group, a $65-mln textile and dyeing project by Jade Textile on an area of 100,000 square metres, a EGP 1-bln pharmaceutical factory by Orchidia Pharmaceutical Industries on an area of 10,000 square metres, and a EGP 129-mln wood industry project by El-Hamd Company on an area of 12,700 square metres.