Posted on April 3, 2024
New projects coming to the SCZone: The General Authority of the Suez Canal Economic Zone (SCZone) has greenlit a number of projects when it met yesterday, according to a statement.
#1- Orascom Industrial Parks to develop EGP 13 bn industrial complex: Orascom Construction subsidiary Orascom Industrial Parks received approval from the authority to develop and manage a EGP 13 bn integrated industrial complex in the Sokhna Industrial Zone. The complex will be implemented in two phases.
#2- Turkey’s DNM is setting up two projects: DNM Textile for Spinning, Weaving and Dyeing — an investment venture of Turkish clothing firm Eroglu Holding — received approval to move forward with a USD 40 mn denim factory in Qantara West Industrial Zone, as well as an industrial complex for spinning, weaving, clothing, mattress, and furnisher production. Some 70% of the denim factory’s production will be exported.
Remember: Local ready-made garment maker Eroglu Egypt — the local arm of the Turkish Eroglu Holding — will build a USD 150 mn ready-made clothing factory in Qantara West Industrial Zone, under a framework agreement inked with the SCZone. Meanwhile, Turkey’s Jade Textile signed a framework agreement to invest USD 30 mn in ready-made garments unit for a larger factory that will also house a USD 35 mn dyeing unit.
#3- SCZone’s green fuel is heading to Europe: The SCZone will create a route to transport green fuel produced in the zone to the Dutch Port of Rotterdam, which will help the fuel reach European markets, under an MoU inked between the two sides. The MoU will also see the two sides working on the green bunkering corridor that will link Singapore to Rotterdam through the Suez Canal, creating the first corridor for green bunkering between Asia, Africa, and Europe.
ALSO- Jotun inaugurates USD 100 mn factory: Norwegian paint manufacturer Jotun’s new USD 100 mn industrial paint and varnish factory has kicked off operations, according to a cabinet statement. Located in the Tenth of Ramadan industrial zone, the factory — Jotun’s largest venture in Egypt — has a production capacity of 70 mn liters per shift.
Another Madbouly tour: The inauguration came during Prime Minister Moustafa Madbouly’s tour to the Tenth of Ramadan industrial zone, where he also visited the factories of Beko, Haier, Fresh Electric, and Elsewedy Transformers. Monthly visits to manufacturers have become a staple in Madbouly’s agenda, in a bid to draw attention to the increasing importance of industry to narrow our trade deficit, and highlight Egypt’s natural position as an export hub serving Europe, Africa, the Middle East and beyond.
