PM reviews major developments, investments at Suez Canal Economic Zone

Egyptian Prime Minister Moustafa Madbouly met on Monday with Waleid Gamal El-Dien, chairman of the Suez Canal Economic Zone (SCZONE), to assess key projects and investments within the region. The meeting, held at the government headquarters in the New Administrative Capital, focused on the zone’s performance and future plans.

Prime Minister Madbouly emphasised the strategic importance of SCZONE in driving investment and economic growth. He acknowledged the zone’s potential to address global and regional challenges, noting its role in attracting investments across vital sectors.

Gamal El-Dien reported a 40 per cent increase in net profits for the second half of 2024 compared to 2023, underscoring the zone’s financial success. He detailed the zone’s impressive $8.081 billion in investments across 255 projects, which include industrial, service, logistics, and maritime initiatives, generating significant job opportunities.

The meeting also highlighted ongoing developments such as the completion of $1.509 billion worth of maritime port projects, and progress in areas like West Qantara, where 12 projects worth $511 million are set to provide over 21,000 jobs. In East Ismailia, efforts are underway to establish a high-tech industrial hub, contributing to Egypt’s innovation agenda.

Gamal El-Dien also outlined initiatives to localise renewable energy and expand Egypt’s industrial base, alongside efforts to drive exports. He emphasised the SCZone’s digital transformation with platforms like SCZoneTrade and e-Exchange, aimed at enhancing industrial integration and fostering e-commerce.

Prime Minister Madbouly reaffirmed his support for the SCZONE’s expansion, calling these efforts vital to Egypt’s long-term economic development.

Attribution: Amwal Al Ghad English