Chairman of SCZone, Walid Gamal El-Din, reviewed SCZone’s recent developments and financial position in FY2023/2024, until the end of February 24, during a meeting with the authority's board of directors.
Egypt's Suez Canal Economic Zone’s (SCZone) revenues increased by 54% during the fiscal year (FY) 2023/2024, until February 29, 2024, to reach EGP 5.3 billion, compared EGP 3.5 billion during the same period of FY2022/2023.
Chairman of SCZone, Walid Gamal El-Din, reviewed SCZone’s recent developments and financial position in FY2023/2024, until the end of February 24, during a meeting with the authority's board of directors.
Additionally, the volume of SCZone's net profits increased by 57% to record EGP 3.74 billion during FY2023/2024 until the end of February 24, compared to EGP 2.38 billion during the same period of previous fiscal year.
Furthermore, the authority's promotional efforts attracted 125 new projects with a total investment of $2.56 billion.
Of these, 60 projects received final approval with investments of $1.13 billion, while 65 projects are in the process of completing procedures with anticipated investments exceeding $1.43 billion.
The SCZone’s board of directors also gave approval to several projects, including the Eroglu Holding Company and DNM Clothing project located in the Qantara West Industrial Zone.
This project is divided into two main parts. Firstly, there is a jeans factory project aimed at producing 7.2 million jeans pieces, with an investment cost totaling $40 million.
The plan is to export 70% of the jeans produced overseas, while allocating 30% for the local market.
The second part of the project is an industrial complex on an area of 400,000 square meters to produce spinning, weaving, clothing, mattresses and furnishings, and the necessary studies are being prepared for it.
The board of directors also has given its approval to the authority's agreement with Orascom Industrial Estates Company for the creation, promotion, and administration of a comprehensive industrial complex in the Sokhna Industrial Zone. The project will be executed in two stages and requires an investment of approximately EGP 13 billion.
It is also worth noting that a memorandum of cooperation between the SCZone and the Dutch Port of Rotterdam was approved by the board of directors to enhance cooperation in the areas of green fuel.
