SCZONE approves five new projects, reviews financial, promotional status

Daily News Egypt
4 Min Read

The Suez Canal Economic Zone (SCZONE) held its third meeting for the fiscal year 2023-2024, chaired by Walid Gamal El-Din, the Chairperson of the Authority. The meeting was attended by the Ministers of Planning and Economic Development, Housing, Transportation, International Cooperation, Trade, and Industry, the Governors of Port Said and Suez, the CEO of the Investment Authority, and several leaders of the economic zone, as well as experienced technical and legal members of the board.

The meeting discussed several important topics, such as the financial and promotional status of the authority during the first half of the fiscal year 2023-2024, and approved five new projects recently signed by the authority. Four of these projects are located in the West Qantara Industrial Zone, affiliated with the authority, while the fifth project is a Data Center, the first of its kind in the economic zone, to be established in the integrated Sokhna area.

Walid Gamal El-Din presented the financial status of the authority during the first half of the fiscal year 2023-2024. The authority achieved total revenues of EGP 4.3bn from 1 July to 31 December 2023, compared to EGP 2.6bn during the same period in 2022, representing an increase of approximately 70%. The meeting also approved the estimated budget of the authority for fiscal year 24-25, totalling EGP 37.3bn, including an investment budget of EGP 28.6bn and an operational budget of EGP 8.6bn.

The meeting also reviewed the promotional status of the authority during the first half of the current fiscal year 23-24, which included 48 projects receiving final approval with total investments of $991m. These projects varied across sectors such as ready-made garments, textile industries, electrical appliances, chemical industries, logistic zones, and others. Moreover, 42 projects received preliminary approval, and procedures for them are underway, with investments totalling $908m. These investments involve several countries, such as China, Saudi Arabia, India, Turkey, Germany, and Japan. Additionally, 31 companies with a capital of $28.6m were established during the same period.

The approved projects include four new projects in West Qantara with total investments reaching $111.5m: Henneway, a Chinese company specializing in travel bag manufacturing on an area of 120,000 square meters, with investments of $50m, producing 275,000 pieces monthly and providing 2,000 job opportunities.

HiTech Apparel Co., Ltd, a Thai company specializing in garment manufacturing on an area of 64,000 square meters, with investments of $20m, providing 1,500 job opportunities. Indochine Holding Pty Ltd, a leading Sino-Indian company in the fashion and apparel industry, with annual sales of $900m, investing $41m and providing 6,800 job opportunities. Montmed, a company specializing in the enhancement and production of high-quality European and American-origin medical devices, is headquartered in Germany and the Netherlands, investing EGP 15m, and aiming to export its entire production abroad.

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