Arab News: Egypt’s Suez Canal Economic Zone has signed seven investment contracts across strategic industries, logistics, and clean energy as it seeks to attract high-quality investments and localize value-added industries.
The agreements include a $35 million project by global logistics firm Agility to establish and operate a logistics zone and regional distribution centers, creating 400 direct jobs.
They also cover a $300 million investment by China’s Zenith Group to manufacture automotive tire components and steel wire, with 30 percent of production earmarked for export to global markets.
The project is expected to create 1,000 direct jobs, according to a statement.
The remaining deals comprise two contracts related to the transmission, distribution, and purchase of clean electricity for projects in the zone, alongside three agreements covering logistics, warehousing, storage, and trading services to support businesses operating within the economic zone.
The newly released statement said: “This reflects the growing confidence in the Suez Canal Economic Zone as an integrated regional hub for sustainable industry and logistics services.”
Suez Canal Economic Zone expects 30 percent revenue growth
The latest pacts build on the zone’s recent investment momentum. SCZone Chairman Walid Gamal El-Din said in May that the economic zone had attracted around $16 billion in investments over the past three years and nine months, including $7.1 billion in the current fiscal year, as it positions itself as an integrated industrial and logistics hub amid global supply chain shifts.
The authority is targeting further growth by prioritizing renewable energy, pharmaceuticals, metals, chemicals, and electric vehicles while leveraging its strategic location, integrated infrastructure, and network of ports.
It also expects revenues and the budget surplus to grow by more than 30 percent this fiscal year, driven by new factory openings and the expansion of maritime services.
In February, Gamal El-Din said the authority is expediting the implementation of industrial projects while providing investors with integrated administrative, logistical, and technical support to enhance competitiveness.
He added at the time that the authority prioritizes projects that serve local market needs and boost exports, particularly in sectors linked to food security, supply chains, and agricultural and mining industries.
The chairman emphasized that such projects contribute to regional economic development and strengthen the role of the industrial and agricultural sectors in achieving Egypt’s national industrial vision, while generating added value for investors and the wider community.
https://www.arabnews.com/node/2650974/business-economy
