Latest news with #SuezCanal
Zawya
8 hours ago
- Business
- Zawya
Egypt: SCZone lays foundation stone of $200mln solar energy complex in Ain Sokhna
Arab Finance: The General Authority for the Suez Canal Economic Zone (SCZONE) announced the laying of the foundation stone for a $200 million integrated industrial complex for the production of solar energy components in the Ain Sokhna industrial zone, as per a statement. The project is being developed by Chinese firm Sunrev Solar in cooperation with TEDA Egypt, the industrial developer of the zone. Spanning 200,000 square meters, the project will be implemented in two phases. The first phase, valued at $90 million, includes the construction of two factories for producing solar cells and solar modules, each with a capacity of 2 gigawatts. The second phase will add $110 million in investments and focus on localizing the production of essential raw materials, including silicon ingots and wafers, in addition to modules and cells, creating an integrated value chain within Egypt's solar energy sector. The complex is scheduled to begin operations in the first half (H1) of 2026. According to SCZONE, the project is expected to generate over 1,800 direct jobs across both phases, along with thousands of indirect employment opportunities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egypt: Cabinet approves establishment of Jarjoub special economic zone
Arab Finance: The cabinet has approved a draft presidential decree to establish the Jarjoub special economic zone in accordance with the special economic zones law No. 83 of 2002, as per a statement on June 18th. The zone will be located on Egypt's northwest coast, covering approximately 402,200 acres. The cabinet also approved a proposal by State Grid Corporation of China to develop two solar power projects with a total capacity of 900 megawatts, 500 megawatts in Minya and 400 megawatts in the Wahat region. The projects are part of the government's efforts to expand renewable energy capacity under Egypt's 2040 energy strategy and reduce reliance on fossil fuels. In a separate decision, the cabinet approved renewing the contract with smart card companies Smart and AVIT for one year, from July 1st, 2025, to June 30th, 2026, under the same transaction terms. The contract will continue to support the implementation of the subsidized bread and commodity exchange system using smart ration cards. The cabinet further approved proceeding with legislation to grant a concession to finance, design, build, develop, manage, and operate the Ro-Ro terminal superstructure at Sokhna Port in the Suez Canal Economic Zone (SCZone). The 30-year concession will be awarded to a company operating under the private free zone system and formed by a consortium of international firms. The Ro-Ro terminal project is part of the state's broader strategy to develop Ain Sokhna Port into a key regional hub serving trade between East and West. It also aligns with national plans to support automotive supply chains and related industries, reduce import pressure on foreign currency reserves, and drive industrial growth through coordinated public-private cooperation. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egypt: SCZone, UR-SA sign $20mln contract to build packaging plant in Qantara West
Arab Finance: The General Authority for the Suez Canal Economic Zone (SCZONE) has signed a new investment contract with Turkish company UR-SA to establish an industrial textiles and plastic packaging facility in the Qantara West Industrial Zone, as per a statement. The project, covering 35,000 square meters, will see investments totaling $20 million, equivalent to EGP 1 billion. The facility is expected to create 1,000 direct job opportunities. It will focus on producing industrial and agricultural packaging materials, including FIBCs (large bags), with 80% of output designated for export. SCZone Head Waleid Gamal El-Dien stated that this project marks the 23rd in Qantara West, raising total investments in the zone to $643.5 million and the number of direct jobs created to over 33,600. He emphasized that the economic zone is intensifying its efforts to attract investments in industries targeted for localization, with a focus on deepening industrial output, boosting exports, and strengthening supply chain integration. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egypt: SCZone, ULUSOY Tekstil ink $18mln deal to establish yarn manufacturing project in Qantara West
Arab Finance: The Chairman of the General Authority of the Suez Canal Economic Zone (SCZone) Waleid Gamal El-Dien signed a contract with Turkish company ULUSOY Tekstil San. Tic. A.? to establish a yarn and thread manufacturing project in the Qantara West Industrial Zone, as per a statement. The factory will span 35,000 square meters, with investments amounting to $18 million, approximately EGP 902 million. It is expected to provide around 855 direct job opportunities. The project will produce a variety of yarns, including carpet yarns, hand-knitting yarns, knitting yarns, and crochet yarns, as well as garments, with 80% of production allocated for export and 20% for the local market. Gamal El-Dien emphasized that spinning and weaving projects continue to consolidate Qantara West's position as a regional hub for the yarn and ready-made garment industries. He noted the area's strategic location, connected infrastructure, and integrated supply chains as key enablers for attracting specialized, export-oriented investments. With this latest addition, the number of contracted projects in Qantara West has reached 24, bringing total investments to $661.5 million and generating 34,455 direct job opportunities. The initiative is part of the authority's broader strategy to support export industries, deepen local manufacturing, and localize supply chains, enhancing the industrial sector's contribution to Egypt's gross domestic product (GDP). ULUSOY Tekstil, founded in Turkiya in 1986, operates two major industrial facilities and is considered one of Europe's largest producers of luxury yarns, with a monthly output exceeding 1,000 tons exported globally. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
a day ago
- Business
- Zawya
Egypt's SCZONE signs $18mln agreement with Turkish Ulusoy to establish yarn factory in West Qantara
Egypt - Waleid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), signed an agreement on Wednesday with Turkish company Ulusoy Tekstil San. Tic. A.Ş to establish a yarn and textile production factory in the West Qantara Industrial Zone. Spanning 35,000 square metres, the project will see total investments of $18m (approximately EGP 902m), fully self-financed by Ulusoy. It is expected to create around 855 direct job opportunities. The new factory will produce a variety of yarns—including fibre yarns, carpet yarns, hand-knitting yarns, tricot yarns, and household crochet yarns—alongside the manufacturing and weaving of ready-made garments. The company plans to allocate 80% of its production for export and 20% to the domestic market. The agreement was signed by Mohamed Ulusoy, legal representative of the company, in the presence of several SCZONE officials and company executives. Gamal El-Din praised the growing status of the West Qantara Industrial Zone as a regional hub for the textile, spinning, and ready-made garment industries. He highlighted the zone's strategic advantages, including an integrated supply chain, robust infrastructure, and a prime location connected to SCZONE's port network and logistics corridors. He noted that this project builds on the zone's success in attracting high-quality international investments, citing Egypt's stable business environment and the attractive incentives offered by SCZONE. 'This investment reflects the zone's appeal to labour-intensive, export-oriented industries that generate local added value,' he said. The Ulusoy project is the 24th agreement signed within the West Qantara Industrial Zone, raising total investments in the area to $661.5 million and bringing the number of direct jobs created to 34,455. Gamal El-Din said the deal demonstrates the success of SCZONE's strategy to support export-driven industries, deepen local manufacturing, and localise supply chains across the textile sector—from raw materials to yarn, textiles, and finished garments. Founded in 1986, Ulusoy is one of Europe's largest producers of high-quality yarns. It operates two fully integrated production facilities in Turkey: one in Adana Hacı Sabancı Industrial Zone covering 180,000 sqm, and another in Osmaniye Industrial City spanning 90,000 sqm. The company has a monthly production capacity of over 1,000 tonnes and exports its products to global markets. © 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (
