Suez Canal Economic Zone signs contracts worth US$38 million

The Suez Canal Economic Zone (SCZONE) announced that it has attracted US$38 million in investments for two new projects in the Qantara West Industrial Zone. 

The projects, which will cover an area of 137,000 square metres, will focus on food processing and textile production, creating around 1,450 jobs. This is reported by Daily News Egypt, a partner of TV BRICS.

Waleid Gamal El-Din, Chairperson of the SCZONE said that the signing of these two contracts finalises the eight project agreements in the first phase of Kantara West. The total investment for all the projects is US$309 million, with a total area of 751,000 square metres, which will create about 14,200 jobs.

"This is a significant developmental achievement," he said, adding that it establishes "a world-class industrial hub capable of attracting further investment, fostering promising employment prospects, and building investor confidence." He also said the projects would play a vital role in strengthening the national economy through the development of advanced industries.

Gamal El-Din emphasised Qantara West's strategic location near seaports, making it attractive to investors and providing access to regional and international markets. 

He reiterated SCZONE's commitment to improve the zone's infrastructure to enhance business operations and expressed its readiness to provide investors with support, including land, logistics and licensing services to facilitate the investment process.