EGP 3.4bn revenues of SCZone form settlements with investors

Mohamed Farag
2 Min Read

The Suez Canal Economic Zone (SCZone) has achieved revenues worth EGP 3.4bn since early April 2017 through settling problems with investors who are in the region since 1998 by 99.8%.

Mohab Mamish, the chairperson of the Suez Canal Authority and SCZone, said that the region has increased a number of assets that have not existed before, contributing to improving its credit and financial rating.

Mamish added that the region has achieved profits worth EGP 2.072bn in FY 2017/2018 compared to EGP 1.298bn in FY 2016/2017.

He explained that the region is seriously seeking to attract more investments to the region as about 134 companies were established through the contracts of the area’s developers.

He went on to explain that technical discussions are ongoing and one of the international advisory bureaus was appointed to study the DP World Ain Sokhna project, which is a joint project between the authority and Dubai Ports World (DP World).

Mamish pointed out that the DP Sokhna World project is major and requires more careful and thorough studies to achieve common benefits for all parties.

Within a related context, Mahfouz Taha, the vice chairperson of the Authority for the Southern region said that the Adabiya Port has achieved an increase in general cargo and dry bulk of 1.1 million tonnes.

Taha added that the economic zone is working to complete the establishment of the desalination plant with a production capacity of 100,000 cubic meters per day, in cooperation with the Engineering Authority of the Armed Forces, in addition to establishing a sewage station with a capacity of 35,000 cubic meters, starting with 10,000 cubic meters at the moment, based on the needs of the projects in the area of Ain Sokhna.

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