Suez Canal Economic Zone achieves 32% revenue growth in FY24/25

The General Authority for the Suez Canal Economic Zone (SCZone) has achieved a significant 32 per cent increase in revenue for the first half of the fiscal year 2024-2025, generating 5.673 billion Egyptian pounds compared to 4.3 billion pounds in the same period last year. This figure also exceeds budget expectations by 8 per cent.

Port revenues represented 77 per cent of total income, while other activities contributed 23 per cent, a notable rise from the average 8 per cent over the past five years.

New Investments and Job Creation

The SCZone has attracted 66 new projects with $1.755 billion in investments, generating 1,600 jobs. These include 54 new ventures and 12 expansions of existing projects, showcasing successful partnerships with state institutions and the private sector to enhance the business environment.

Approval of Major Projects in Key Industries

Regarding new developments, the board approved four major projects in the textile, ready-made clothing, and metal industries with a combined investment of $1.8435 billion.

Notably, Eroglu Knitting’s $40 million expansion in Al-Qantara West will create 2,000 jobs, while Shanghai Honour and Jiangsu Guotai’s export-focused textile projects were also given the green light.

Shun Feng Egypt’s Integrated Metal Complex

Additionally, the Shun Feng Egypt project, a $1.65 billion integrated metal industries complex in Sokhna, was approved. This project, covering 3.75 km², is expected to generate 8,000 jobs across two phases, with production focused on automotive and home appliance components.

Environmental Commitment through Cooperation with Petrosef

The board also approved a cooperation agreement with Petroself for marine oil pollution control in the ports of Adabiya and Sokhna, aligning with international environmental commitments.

Attribution: Amwal Al Ghad English

Leave a comment