The Suez Canal Authority has signed a strategic partnership agreement with Anchorage Investments to establish an integrated petrochemical complex on land owned by the authority in the Ain Sokhna area, northwest of the Gulf of Suez, within the scope of the Suez Canal Economic Zone.

The petrochemical complex aims, in its first phase, to produce polypropylene (PP) as a main product, relying on propane as raw material, in addition to hydrogen as a by-product, with total investments exceeding $2 billion.

The complex is set to expand in the second phase by producing a range of other petrochemical products, as well as establishing additional industrial units focused on export and sustainability, with an estimated cost of $4.5 billion.

The project aims to provide over 2,500 direct and indirect job opportunities upon the completion of construction and the commencement of operations.

This project is part of the Suez Canal Authority's strategy to maximize the value of its assets, diversify economic activities, contribute to multiple income sources, and add value to the Egyptian economy by reducing the import bill for petrochemical products and supporting exports, thereby boosting the country's foreign currency reserves.