Media Center
Egypt's Suez Canal authority approves manufacturing, green hydrogen projects
Thursday، 08 June 2023 - 07:47 PM
The board of directors of the General Authority of the Suez Canal Economic Zone (SCZone) has approved a series of projects, with international partners, in the fields of manufacturing, green hydrogen, and water desalination, according to a statement on Thursday 8/6/2023.
The approved projects include a $300 million steel complex by China's Cheng Feng Iron Production.
The project will be built on 750,000 square metres with a capacity of 600,000 tons of steel coils annually. It will create 1,200 jobs.
Another $40 million project by Chinese clothes manufacturer Shanghai Shengda was approved.
The project will be carried out in West Qantara Industrial Area in two phases on 80,000 square metres. It is expected to produce 43 million pieces annually and create 1,200 jobs.
Similarly, the SCZone's board approved a $610 million project to build a steel factory in the East Ismailia Industrial Zone on 400,000 square metres. The factory will be built in three phases with a production capacity of 1.8 million tons of steel products annually.
Furthermore, the board approved the construction of a €750 million tyre manufacturing project on 400,000 square metres in Sokhna Industrial Zone, with a production capacity of 2.4 million units annually.
Moreover, the SCZone’s board approved a $ 110 million project by Indian Flex-Egypt to construct a raw materials storage area within the scope of the industrial developer Orascom for Industrial parks.
Investments in industrial zones
The Suez Canal industrial zones have had around 46 projects with $ 3.6 billion worth of investments between July 2022 and May 2023, said Walid Gamal El-Din, Chairman of the SCZone.
The value of investments in ports affiliated with the SCZone reached $1.3 billion in the July-May period, Gamal El-Din added.
He revealed that the board has been considering four projects in East Port Said and Sokhna ports and that 43 other projects in the industrial zones, with $4.6 billion worth of investments, have received in-principle approvals.
Related Stories
Most Visited
President El-Sisi Opens Annual Meeting of Asian Infrastructure Investment Bank in Sharm El-Sheikh
Monday، 25 September 2023 02:06 PM
Egypt, UAE central banks sign currency swap agreement
Thursday، 28 September 2023 10:00 PM
Petroleum Minister: Adnoc injects investments in Egypt
Saturday، 23 September 2023 03:20 PM
