TEDA Egypt for the development of the Ain Sokhna economic zone signed two cooperation agreements with Catalyst Partners Holding on Saturday to provide all financing services and advice at the regional level within the framework of TEDA Egypt’s regional expansion, as it began establishing an economic zone in Saudi Arabia.
The second agreement between TEDA Egypt and Public Partners Insurance Brokerage — a subsidiary of Catalyst Partners — aims to provide all insurance services to TEDA and its clients in Egypt for insurance coverage in the fields of medical, life, general, and property insurance.
Leo Emin — Chairperson of TEDA Group — said that TEDA is based on an area of 7.34 sqkm divided into two “elementary” and “expansionary” phases. It includes projects operating in four industries — new building materials, petroleum equipment, high and low voltage equipment, and manufacturing equipment and machinery — while the expansion phase is taking place in the region on an area of 6 sqkm divided into several stages.
Emin added that Egypt is on the verge of becoming one of the strongest economies in the next ten years in the region, pointing to the experience of TEDA Egypt, on the basis of which it expanded in the Middle East.
He added that choosing Egypt as a starting point aims to maximise benefit from the geographical location and the international facility of the Suez Canal and work to attract investments to it and increase Egypt’s share in global trade by unleashing investment and development energies in all economic and social fields and creating the best work environment that attracts investment in the economic zone.
Emin also pointed out that the TEDA Suez Zone for economic and trade cooperation between Egypt and China attracted 102 companies by the end of last year to settle and work in it.
Moreover, he said that 16 companies settled to work in the second phase of the expansion phase in the region, which attracted investments of nearly $300m and gradually attracted other supportive companies to settle in the region, stressing that TEDA is working to enhance economic and trade cooperation between China and Egypt significantly.
Furthermore, He pointed out that the total volume of imports and exports of companies operating in the region exceeded $580m last year, noting that it directly provided job opportunities for more than 3,500 people in Egypt and its related industries have created more than 30,000 other jobs.
Ayman Abdel Sabour — Financial Director of TEDA Group — explained that it is preparing economic, planning, engineering, and technical studies; marketing; and promoting the region to attract capital and various international projects, especially from China, and transferring industrial, technological, and logistical expertise to Egypt.
This is in addition to establishing the infrastructure of the region, providing it with utilities, and providing it with all the necessary services in order to prepare it for various industries and commercial activities, dividing it into pieces and promoting it.
For his part, Maged Shawky — Chairperson of Catalyst Partners Holding Company — said that cooperation with TEDA Egypt in the non-banking and insurance financial fields is within the framework of the expansion plan adopted by Catalyst recently, in addition to regional expansion, pointing out that Catalyst will play a role in the development of the Ain Sokhna economic zone, which will enhance Egypt’s position as a regional hub for trade and logistics.
Mohamed Al-Maghraby — Head of Public Partners Insurance Brokerage — added that the agreement represents an important step for cooperation and attracting foreign investments to Egypt, especially TEDA, stressing the importance of activating the agreement to provide all insurance coverage to TEDA, as Public Partners is an agent for all insurance companies in the market.