Latest news with #WaleidGamalElDien
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
2 days ago
- Business
- Zawya
Egypt pens $200mln deal with China's Sunrev Solar to build solar energy complex in Sokhna
Prime Minister Mostafa Madbouly witnessed the signing of a contract for the establishment of an integrated industrial complex for solar energy supplies in the Ain Sokhna industrial zone, within the Suez Canal Economic Zone (SCZone), as per a statement. The project will be developed by Chinese company Sunrev Solar with total investments of $200 million, and is among the largest industrial investments in renewable energy components within the zone. Spanning 200,000 square meters, the project will be executed in two phases. The first phase involves the construction of integrated factories with a production capacity of 2 gigawatts of solar cells and 2 gigawatts of solar modules, with investments of $90 million. The second phase, valued at $110 million, will focus on localizing the production of key raw materials such as silicon ingots and wafers, completing the full solar energy supply chain from raw material to finished product. Madbouly emphasized the strategic importance of the SCZone in attracting investments across various sectors, particularly in renewable energy. He noted ongoing efforts to localize manufacturing of new and renewable energy components, backed by strong government support and incentives. Chairman of the SCZone Waleid Gamal El-Dien stated that the project is expected to generate more than 1,800 direct jobs across both phases. It will contribute significantly to Egypt's export capacity, with anticipated annual revenues of up to $300 million. He added that the foundation stone will be laid on June 19th, with the first phase scheduled to begin operations in the first half (H1) of 2026. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
03-06-2025
- Business
- Zawya
Egypt: SCZONE inaugurates Beltone Leasing, Factoring branch at Sokhna headquarters
Egypt - The General Authority of the Suez Canal Economic Zone (SCZONE) has officially inaugurated a new branch of Beltone Leasing and Factoring at its headquarters in the Sokhna Industrial Zone. The ceremony was attended by Ahmed Saad, CEO of SCZONE, and Amir Ghannam, Deputy Head of Non-Banking Financial Institutions (NBFIs) for Leasing, Factoring, and Consumer Finance. Beltone Leasing and Factoring, a wholly owned subsidiary of Beltone Holding, received approval from the Financial Regulatory Authority (FRA) to establish operations at SCZONE, making it the first non-banking financial institution to do so. This strategic move underscores the growing role of SCZONE as a hub for industrial investment, international trade, and regional logistics. Waleid Gamal El-Dien, Chairperson of SCZONE, described the inauguration as a significant step toward enhancing the zone's investment environment. 'The opening of Beltone Leasing and Factoring's branch within our Sokhna headquarters marks a qualitative leap in providing specialized financial services that facilitate effective financing and investment solutions,' he said. 'It supports our broader strategy to build an integrated financial infrastructure that meets the expanding needs of industrial and logistics activities. SCZONE remains committed to attracting leading financial institutions to its industrial zones to reinforce a dynamic and supportive investment climate.' Amir Ghannam emphasized the broader economic impact of the new branch, noting: 'This step opens new avenues for financing industrial projects and supporting strategic export activities, thereby contributing to national economic development goals.' The launch of Beltone Leasing and Factoring's Sokhna branch is aligned with SCZONE's ongoing efforts to strengthen its service ecosystem for investors. These include the implementation of a one-stop-shop service, the digital transformation of investor services, and the presence of banking institutions and integrated logistical and industrial support. Together, these initiatives aim to streamline procedures, enhance operational efficiency, and align SCZONE's services with international best practices in investment facilitation.
Zawya
12-05-2025
- Business
- Zawya
Egypt: Madbouly inaugurates $19mln dry bulk wheat terminal in West Port Said
Arab Finance: Prime Minister Moustafa Madbouly has inaugurated an EGP 1 billion dry bulk wheat terminal in West Port Said Port, according to an official statement. The terminal has a storage capacity of 100,000 tons and an unloading capacity of 1,200 tons per hour. Sherif Farouk, Minister of Supply and Internal Trade, stated that the project represents a qualitative addition to Egypt's silos system, bringing the number of port silos designated for subsidized wheat to six. There are two port silos in Alexandria Port, two in Damietta Port, one in Safaga Port, and one in West Port Said Port. Total storage capacity stands at 530,000 tons, with an annual handling capacity of 6.4 million tons. On his part, Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZone), said the project marks a comprehensive model for integrating logistics and food services within Egyptian ports. Gamal El-Dien highlighted that the dry bulk terminal covers an area of 15,251 square meters and includes eight storage cells, with a total storage capacity of 100,000 tons. The project aims to receive ships with large loads exceeding 65,000 tons. The terminal is expected to receive between 23 and 36 ships annually, securing around 275 direct and indirect job opportunities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
