Latest news with #SuezCanalEconomicZone
Daily News Egypt
4 days ago
- Business
- Daily News Egypt
SCZONE signs $18m agreement with Turkish Ulusoy to establish yarn factory in West Qantara
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.
Daily News Egypt
10-06-2025
- Business
- Daily News Egypt
Ain Sokhna Port welcomes AROYA cruise ship with over 2,300 tourists
The Suez Canal Economic Zone (SCZONE) announced on Monday that Ain Sokhna Port has received the AROYA cruise ship, arriving from Safaga. The vessel docked at 8:00 AM, carrying 2,351 tourists of various nationalities, along with a crew of 1,500. Sailing under the Maltese flag, the AROYA measures 303 meters in length with a draft of 8.5 meters. It is scheduled to depart on Tuesday, 10 June, bound for Jeddah. The ship's arrival supports SCZONE's ongoing strategy to position its ports as a regional hub for tourism, maritime services, and logistics. This strategy leverages the zone's unique geographic location along the Red Sea and Mediterranean, coupled with continuous infrastructure enhancements aimed at boosting operational efficiency and global competitiveness. The timing of the AROYA's reception during the Eid Al-Adha holiday highlights the port's readiness and capacity to operate efficiently during peak travel seasons and public holidays. The cruise's arrival also aligns with Egypt's broader national efforts to revitalize marine tourism. The government has launched a comprehensive strategy to establish the country as a key destination for cruise and yacht travel, including major upgrades to port facilities in Ain Sokhna, Hurghada, and Sharm El-Sheikh. Key initiatives include the development of modern marinas, the implementation of a unified digital platform to streamline yacht entry procedures, and international partnerships—such as with AD Ports Group—to manage and develop cruise terminals. These efforts form part of Egypt's long-term vision to integrate marine tourism into the national economy and promote sustainable growth within the blue economy.
Al-Ahram Weekly
31-05-2025
- Business
- Al-Ahram Weekly
Opportunities for Chinese investments - Economy - Al-Ahram Weekly
A delegation from Egypt is set to visit China next month following last week's visit of a Chinese investment delegation to Egypt A delegation from the Suez Canal Economic Zone (SCZONE) is scheduled to visit China next month to promote the industrial opportunities available in the SCZONE, Mustafa Ibrahim, vice chair of the China-Egypt Relations Committee at the Egyptian Businessmen's Association (EBA), told Al-Ahram Weekly. The visit is part of ongoing efforts to boost Chinese investments in Egypt. Wang Weizhong, governor of Guangdong Province in China, was also in Cairo last week with a delegation representing Chinese government agencies and Chinese companies interested in investing in the Egyptian market. The delegation also included representatives from Chinese companies already operating in Egypt. Some 2,800 Chinese companies currently operate in Egypt, with total investments exceeding $8 billion, according to the General Authority for Investment and Free Zones (GAFI). Ibrahim expects Chinese investments to reach $12 billion by the end of 2025. The Chinese delegation explored investment opportunities in various sectors, including electric vehicles. The visit aimed to support the Chinese government's Belt and Road Initiative and to study investment opportunities in the Egyptian market. China plans to move many of its factories abroad due to its commitment to reduce carbon emissions by 2026 and to avoid obstacles that could affect its exports to various countries, including members of the European Union, Ibrahim explained. China is also keen on redirecting its labour force towards high value-added industrial sectors such as the technology industry, in which it has outperformed many of its competitors, he added. Chinese companies are interested in investing across several sectors in Egypt, including textiles, ready-made garments, electrical appliances, the automotive industry, and natural gas exploration. Ibrahim said that China has moved into a new era, transitioning from product imitation to innovation, which has made countries like Germany eager to learn about the technologies used in Chinese robots, for example. China is seeking partners with whom it can strengthen its ties, and Egypt stands out with its large market and trade agreements with many other countries that enable access to nearly three billion consumers, Ibrahim said. He noted that over the past year and a half visits from Chinese delegations have taken a new and more serious turn, with provincial governors and leaders from the ruling party heading the delegations. Chinese investors are also planning to invest in new sectors, including tourism and the establishment of hotels and are currently studying investment opportunities in that field. Ibrahim said that cooperation between Egypt and China takes three main forms, with China exporting production inputs and finished products to Egypt, undertaking projects managed by Chinese companies for implementation in Egypt, and injecting direct investments into the Egyptian economy. He stressed the need for consistent laws and a stable economy to attract foreign investors, making the investment climate more appealing. Ahmed Mounir Ezzeddin, chair of the China-Egypt Relations Committee at the Egyptian Businessmen's Association (EBA), told the Weekly that Egypt's infrastructural development, both in terms of urban expansion and power networks, has opened the door for the establishment of large and medium-sized factories and has encouraged various investments, including those from China. China's only industrial city on the African continent is in Egypt in the shape of the China-Egypt TEDA Suez Economic and Trade Cooperation Zone on the shores of the Red Sea and south of the Suez Canal. This started on an area of three million square metres and has now expanded to 10 million, reflecting Egypt's importance to Chinese investors. Ezzeddin said that Egypt possesses several factors that attract Chinese investments, such as the new investment law, an improved business environment and a competitive labour force, in addition to competitive electricity and fuel prices. He highlighted that recent measures to regulate the import of finished products have encouraged Chinese investors to inject capital into the home appliance sector, aligning with Egypt's goal to provide competitively priced locally produced products for both domestic consumption and export. * A version of this article appears in print in the 29 May, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
25-05-2025
- Business
- See - Sada Elbalad
U.S.-Egypt Policy Leaders Forum Kicks Off in Cairo with Strong Emphasis on Investment, Private Sector Empowerment
Ahmed Emam The U.S.-Egypt Policy Leaders Forum kicked off in Cairo, bringing together top government officials and senior executives to advance economic cooperation and investment opportunities between the two nations. The two-day forum, hosted at the Four Seasons Nile Plaza, features the participation of Egyptian Prime Minister Dr. Mostafa Madbouly, nine cabinet ministers — including the full economic team — and the head of the General Authority for the Suez Canal Economic Zone. Leading the discussions was Minister of Investment and Foreign Trade Eng. Hassan El-Khatib, who delivered a keynote address outlining Egypt's bold reform agenda aimed at enhancing the country's investment climate and empowering the private sector as a driver of sustainable growth. 'The business environment in Egypt is becoming increasingly stable and attractive for American investors,' El-Khatib stated. 'Our government is committed to building a predictable, transparent ecosystem that encourages long-term investments.' He detailed a suite of recent economic reforms, including the adoption of a flexible exchange rate, regulatory streamlining, and the launch of a pilot digital platform offering over 380 licensing services to facilitate business operations. El-Khatib also announced that Egypt will soon unveil a new trade policy by the end of June, designed to reduce foreign trade transaction costs and time by up to 75%, positioning Egypt more competitively on the global stage. The minister highlighted measures to modernize Egypt's tax system, reduce non-tax burdens on companies, and consolidate fee-collecting agencies to reduce bureaucracy and improve transparency. Furthermore, he noted that Egypt has recently approved the recognition of U.S.-certified Halal certificates and slashed related fees by up to 50% to streamline market access for American goods. Reaffirming Egypt's commitment to free trade and private sector engagement, El-Khatib said the government is transferring state-owned assets to the Sovereign Fund of Egypt to maximize their value and create new public-private partnerships, in line with the structural reform agenda. 'Egypt is a uniquely positioned investment hub with modern infrastructure, a skilled labor force, and a diversified economy,' El-Khatib said, citing over \$550 billion invested in infrastructure over the past decade. He pointed to promising sectors such as renewable energy, healthcare, tourism, and information technology as priority areas for collaboration. The forum hosts a high-level U.S. delegation comprising 79 executives representing 51 major American companies, alongside representatives from the International Finance Corporation (IFC), the International Monetary Fund (IMF), and the World Bank. The event reflects the strategic depth of U.S.-Egypt relations and underscores the shared commitment to strengthening direct dialogue between policymakers and investors. As Egypt advances its reform program, the forum serves as a platform to explore new avenues for trade, investment, and economic partnership. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
Zawya
21-05-2025
- Business
- Zawya
Egypt: El-Khatib explores plans for German industrial zone in SCZONE
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib and German Minister for Economic Affairs and Energy Katherina Reiche agreed to support efforts to establish a German industrial zone in the Suez Canal Economic Zone (SCZONE), according to a statement. They addressed the available investment opportunities in the Egyptian market on the sidelines of the Arab-German Business Forum, which hosted around 250 German and Arab companies. The meeting also touched upon Egypt and Germany's coordination for holding the seventh session of the Joint Committee this year. Reiche will head a government delegation, accompanied by a trade and investment mission from key German companies interested in investing in the Egyptian market. In his remarks at the forum, El-Khatib reviewed economic and trade developments between Egypt and Germany, as well as the implemented reforms by the Egyptian government in fiscal, monetary, and trade policies. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
