Cost of Egypt’s Suez Canal Economic Zone is $18B: official

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Head of the Northern Section of the Suez Canal Economic Zone (SCzone) Mohamed Baraya stated Thursday in an investment conference held in Port Said that the zone’s infrastructure had cost $18 billion.

The official elaborated that 250,000 industrial establishments have already begun operation in SCzone, which has the capacity of creating 100,000 jobs. Baraya added that 14 industrial developers and three main port operators are currently working in Suez Canal’s economic zone.

The project – located eastern Port Said – spans over 461 million square meters, and comprises six seaports and four industrial zones.

Chairman of SCzone Yehia Zakaria stated in a phone-in on August 18 that some of the industrial zones Egypt is establishing near seaports are aimed at localizing certain industries. For instance, studies are underway to introduce an automotive complex in SCzone. Also, a petrochemicals complex was launched in Ain Sokhna in 2020 at $7.5 billion.

The official added that the logistics zone to be accomplished in Ain Sokhna stretches over 200,000 meters.

Earlier in August, a contract to build a grain circulation station at SCzone was signed with Rosa Greens and Rotes Commodotes. The station extends over 267,000 meters, and is worth LE2.2 billion offering 400 jobs. The amount of grains circulated through that station is estimated to be 1.5 – 7.2 million tons per annum.

What’s more, the Russian Industrial Zone (RIZ) is being constructed at SCzone, and Ain Sokhna with a total size of five million square meters. The first phase consists of accomplishing one million square meters in SCzone, and 500,000 in Ain Sokhna. There are two other phases that will be completed in within 13 years.

In June, the Suez Canal Economic Zone has signed a framework agreement with its Polish counterpart, the Katowice Zone, to establish a Polish industrial zone in Ain Sokhna, in the economic zone.

The signing of the agreement aims to establish a Polish economic zone in Ain Sokhna, with an area of 400,000 to 1 million square meters, targeting food industries, electronic industries and auto spare parts.

Source: 
www.hellenicshippingnews.com
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