Prime Minister Mostafa Madbouly witnessed the handover of the leadership of the Suez Canal Economic Zone (SCZONE) between newly appointed chairperson Mostafa Sheikhoun and outgoing chairperson Waleid Gamal El-Din.
Madbouly received Sheikhoun following a presidential decree by President Abdel Fattah Al-Sisi appointing him as the new chairperson of SCZONE, alongside Gamal El-Din, as part of the formal handover of responsibilities.
At the beginning of the meeting, the prime minister expressed his appreciation for Gamal El-Din’s efforts during his tenure at SCZONE, as the state worked to establish the zone as a preferred destination for global investment and an integrated hub for localising industries and logistics services.
Madbouly highlighted the zone’s infrastructure and utilities, which have been developed to international standards, as well as the availability of energy resources and skilled labour.
The prime minister welcomed Sheikhoun and wished him success in his new role, calling on him to build on the progress achieved since the presidential decree establishing the economic zone and advance the state’s goal of positioning SCZONE as a global investment destination.
He also highlighted efforts to attract major companies operating in advanced logistics services and strengthen the zone’s role in global supply chains, capitalising on its strategic location connecting markets in Asia, Africa and Europe.
Sheikhoun said the handover reflected the state’s commitment to ensuring continuity and building on previous achievements. He also expressed appreciation for the confidence placed in him by President El-Sisi to lead SCZONE during the coming period.
He said he would work to further establish the zone as a preferred destination for global investment and continue the successes achieved in recent years through cooperation between SCZONE, investors, industrial developers and global port operators.
These efforts, he added, would focus on attracting investment and increasing cargo handling, expanding industrial localisation and technology transfer, boosting exports, and creating direct and indirect employment opportunities for young Egyptians across various sectors.
For his part, Gamal El-Din reflected on the conclusion of his tenure at SCZONE, which began in January 2020 when he joined as executive director. He later served as vice-chairperson for investment and promotion before being appointed chairperson by President El-Sisi in August 2022.
Gamal El-Din thanked the president for his confidence and continued support, saying the responsibility had been translated into achievements reflecting Egypt’s ambitions for the economic zone.
He said that over the past four years, despite successive global crises and challenges, SCZONE had signed agreements for numerous projects across its industrial zones and seaports, with total investments of around $16.4bn.
The projects are expected to create more than 145,000 direct jobs once all their phases are completed, while around 21.3 million square metres of land have been allocated to investment projects.
Gamal El-Din also thanked Madbouly for his continued support for SCZONE’s efforts to localise industry and develop ports, as well as his participation in the inauguration of several logistics projects and maritime terminals.
He wished SCZONE, its employees, its new chairperson and its partners continued success in the coming period.
