SCZONE, China agree on 11 projects with $15.6B investments

A recent promotional tour led by the Suez Canal Economic Zone's Chairman, Walid Gamal El-Din has resulted in a $15.6 billion investment agreement with China. During the tour, the chairman held 12 meetings with various companies and conducted visits to factories and businesses in four Chinese cities, including Hangzhou, Suzhou, Hefei, and Beijing. The results of this tour were discussed in a meeting with Prime Minister Mostafa Madbouly. A series of new contracts and agreements were established during the tour, aimed to boost investments across different sectors with a primary focus on green fuel and manufacturing. Spread across 4.9 million square meters, these projects are anticipated to generate roughly 9,000 job opportunities. Notable among the contracts is Xinxing Cathay International Group's agreement to invest approximately $1.08 billion in the creation of two factories within SCZone. Further, an MoU was signed with Chinese energy companies to establish a new green ammonia and green hydrogen project in the Sokhna Industrial Zone. This initiative alone estimates investments of about $6.75 billion.