The Suez Canal Economic Zone (SCZONE) has signed a series of agreements for $60 million in investment projects in the China-Egypt TEDA Cooperation Zone and New Administrative Capital.
SCZONE has inked a $20 million deal with Chinese firm Deyu for a big textile printing and dyeing plant in the TEDA Cooperation Zone, as well as a $25 million agreement with Aoxiu Textile Company.
Smaller contracts with Kang Dewei and Zaiyu Auto Parts for new facilities were also signed, worth $3.2 and $2 million, respectively.
The SCZone also concluded a $10 million deal with the China State Development Engineering Corporation (CSCEC) for the development of the China Construction Curtain Wall on 27,000 square meters in the New Administrative Capital’s Central Business District.
Founded in 2008 by China’s Tianjin TEDA Investment Holding Co., the TEDA Cooperation Zone is located in Ain Sokhna, Suez Governorate, over 120 kilometers from Cairo.
“The new projects are the results of the continuous work and the strategic partnership between SCZONE and Chinese investments, as TEDA-Egypt has made investments worth $1.6 billion and witnessed the presence of about 140 companies during the last period,” said Walid Gamal El-Din, CEO of SCZONE.
A SCZONE delegation recently toured investment opportunities in Beijing, Tianjin, and Guangzhou in China, holding talks with local companies working in the energy sector, infrastructure, textile industries, and others.
Earlier this week, Prime Minister Mostafa Madbouly announced that Egypt plans to bring in $191 billion in annual revenues by 2026, of which $17 billion are expected to generate from the Suez Canal and other maritime services.
The Suez Canal, a dependable source of foreign currency for Egypt, has brought in $9.4 billion in revenue during the fiscal year 2022/2023, a 35 percent surge from $7 billion in 2021/2022.
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