SCZone investments climb by $1.85bln in 6 months – Chairman

The Suez Canal Economic Zone (SCZone) total investments rose by $1.85 billion during the period between July 1st and December 25th, the SCZone’s Chairman Walid Gamal El-Din said on Tuesday.

These investments were pumped into 47 projects obtaining final approvals worth $941 million and 42 other projects that received initial approvals worth around $908 million, Gamal El-Din highlighted.

He also said that 49 percent of the projects that obtained final approvals were from foreign investors.

These include nine projects to be implemented by Chinese firms while 12 others to be executed by Indian, Saudi, South Korean, Canadian, Emirati, Syrian, American, Turkish, German, and Jordanian companies.

Those which received initial approvals are six projects by Chinese companies and nine by Indian, Turkish, Emirati, German, South Korean, and Japanese firms.

The SCZone has recorded a total value of revenues of 6.065 billion Egyptian pounds for the first time in its history during the fiscal year (FY) 2022/2023.

The revenues went up from 3.490 billion pounds recorded the year before, with an annual growth rate of 78 percent.