The Suez Canal Economic Zone (SCZONE) has secured $64 billion in green hydrogen investments, marking a significant milestone in Egypt’s push for green energy. This announcement was made during a meeting between SCZONE Chairperson Waleid Gamal El-Din and Egyptian Prime Minister Mostafa Madbouly on Monday.
Key Investments in Green Hydrogen Projects
Based on 12 finalized framework agreements, the estimated production rate will ne 18 million tons of green hydrogen annually. Additionally, an upcoming project is projected to generate 1.3 million tons of green hydrogen per year, with an investment value of $7.5 billion. These agreements reflect the growing interest in green hydrogen within the SCZONE, part of the Egyptian government’s broader focus on renewable energy.
Strategic Location and Infrastructure
Gamal El-Din highlighted the SCZONE’s location along the Suez Canal, a critical global trade route that handles 12% of the world’s trade. The canal sees about 26,000 vessels annually and facilitates 10% of all seaborne goods. The zone spans 455 square kilometers and houses six major ports, operated by five prominent companies.
Growth and Investment Opportunities in SCZONE
The SCZONE encompasses four industrial areas and collaborates with 14 industrial developers, hosting over 400 operational facilities. The zone is actively working to attract green hydrogen investments, including a proposed green hydrogen production complex. SCZONE aims to localize the green hydrogen industry by leveraging its strategic location.
Diverse Investment Prospects Beyond Green Hydrogen
Beyond green hydrogen, SCZONE offers numerous investment opportunities, including in the electric vehicle sector, particularly for batteries and tires. There are also prospects in pharmaceuticals, building materials, and textiles. The zone aims to foster a wide range of industries to support Egypt’s economic diversification.
