Latest news with #SuezCanalEconomicZone
Al-Ahram Weekly
4 days ago
- Business
- Al-Ahram Weekly
Nile Plastic Recycling Company expands with $15 mln investment in SCZone - Economy
The Suez Canal Economic Zone (SCZone) announced Tuesday the expansion of the Nile Plastic Recycling Company's project in Ain Sokhna, with an additional $15 million investment aimed at establishing a new polyethylene terephthalate (PET) recycling facility. The agreement was signed in the New Administrative Capital in the presence of SCZone Chairman Walid Gamal El-Din. According to a statement from the General Authority for the SCZone, the new investment—equivalent to around EGP 742 million—will fund a 10,000-square-metre facility designed to process PET, the key raw material used in food-grade plastic bottles. The expansion is expected to create 500 new direct job opportunities and produce 20,000 tons of processed plastic waste annually. The project will export 70 percent of its output, with the remaining 30 percent allocated to the local market, aligning with Egypt's broader industrial export strategy and efforts to increase the value of domestically recycled products. The Nile Plastic Recycling Company initially launched in November 2024 with $20 million in capital. Its first facility spans 12,000 square metres and is expected to begin operations in the first half of 2026. Gamal El-Din praised the company's progress in the first phase and said the expansion reflects growing investor confidence in the industrial environment of the SCZone. He added that the move aligns with the zone's green economy strategy and Egypt's broader push toward sustainable, low-emission industries. 'We continue to attract quality investments in the circular economy and green transformation,' Gamal El-Din said, noting that recycling projects are a core pillar of this transition. The signing ceremony was attended by senior SCZone officials and company representatives. Follow us on: Facebook Instagram Whatsapp Short link:
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Hayat Egypt breaks ground on new production lines in Ain Sokhna with $44m investment
Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), attended on Sunday the foundation stone laying ceremony for new production lines at the Turkish 'Hayat Egypt' factory for hygiene products. The expansion covers 30,000 square metres within the Orascom Industrial Parks development, located in the integrated Ain Sokhna zone under SCZONE's jurisdiction. Backed by a total investment of $44m (around EGP 2.2bn), the new lines will focus on manufacturing nonwoven hygiene products. Once operational—expected by March 2026—the project will create over 400 direct job opportunities, with 75% of output earmarked for export markets. The ceremony was attended by Tarek El-Shazly, Governor of Suez; Salih Mutlu Şen, Turkish Ambassador to Cairo; Şenol Keserlioğlu, General Manager of Hayat Egypt; and senior representatives from SCZONE and Orascom Industrial Parks. Gamal El-Din highlighted that SCZONE has recently succeeded in attracting a diversified portfolio of investments in line with its localisation strategy. He noted that the expansion of Hayat Egypt signals renewed Turkish investor confidence in the Zone. Today, 18 Turkish companies operate across SCZONE's areas, especially in textiles, ready-made garments, and hygiene products, with combined investments reaching about $793.8m. This includes 10 companies in the integrated Ain Sokhna zone with $508m in investments, and 8 companies in Qantara West with a further $285.8m. 'These expansions reflect strong trust from Turkish investors in SCZONE's investment climate,' Gamal El-Din said. He attributed this trust to SCZONE's intensive global promotion campaigns, major infrastructure upgrades built to international standards, and recent progress in digitising one-stop-shop services to better serve investors. Gamal El-Din also expressed hope for growing investment from a broader range of countries, supporting SCZONE's vision to localise and deepen industrialisation in targeted sectors and boost Egyptian exports. He stressed that Egypt's current political and economic stability, coupled with robust international relations, makes it an attractive destination for investors and strengthens its position as a global hub for industry and logistics services.
Daily News Egypt
01-07-2025
- Business
- Daily News Egypt
New accords on trade, security strengthen Egypt-Oman Relations
Talks between the foreign ministers of Egypt and Oman in Cairo on Tuesday concluded with the signing of seven agreements to enhance cooperation in areas ranging from investment and labour to regional security. Egyptian Foreign and Emigration Minister Badr Abdelatty hosted his Omani counterpart, Sayyid Badr bin Hamad Al Busaidi, for the 16th session of the Egyptian-Omani Joint Committee. The talks resulted in new memorandums of understanding covering labour, mineral wealth, investment promotion, media cooperation, food safety, and religious affairs. According to a statement from Foreign Ministry Spokesman Tamim Khallaf, the discussions were aimed at strengthening all aspects of their bilateral relationship, in line with directives from Egyptian President Abdel Fattah Al-Sisi and Omani Sultan Haitham bin Tarik. Minister Abdelatty expressed Egypt's desire for a 'qualitative leap' in economic integration, particularly in trade, industry, renewable energy—including green hydrogen and ammonia—logistics, and technology. He stressed the need to activate a joint business council and affirmed that Egyptian companies are prepared to contribute to development projects outlined in Oman's Vision 2040. A key proposal involved enhancing cooperation between the Suez Canal Economic Zone and the Duqm Special Economic Zone Authority in maritime transport and logistics. On regional issues, the two ministers discussed the situation in the Gaza Strip. Abdelatty emphasised the necessity of resuming a ceasefire, releasing hostages and prisoners, and ensuring the flow of humanitarian aid. He outlined Egypt's preparations to host an international conference for Gaza's early recovery and reconstruction once a ceasefire is reached. The ministers affirmed their complete rejection of the displacement of Palestinians and agreed to intensify efforts to rally international support for an Arab plan to rebuild the territory and support a two-state solution. The talks also addressed tensions between Iran and Israel, with both ministers stressing the importance of stabilising the ceasefire and favouring diplomatic solutions for the Iranian nuclear file to reduce regional tensions. They found a convergence of views on developments in Yemen, Syria, Sudan, and the Horn of Africa. From his side, Omani Minister Al Busaidi conveyed greetings from Sultan Haitham bin Tarik to President Sisi and praised the deep ties between the two nations across trade, culture, and education. He also affirmed Oman's support for Egypt's water security. The meeting, which was also attended by Egyptian Minister of Labour Mohamed Gibran, touched upon the status of the Egyptian community in Oman. Gibran praised the support they receive and expressed Egypt's interest in expanding cooperation in labour training. Additionally, Abdelatty thanked Oman for its support of Egyptian candidates in regional and international organisations, including the nomination of Khaled El-Enany for the position of Director-General of UNESCO.
Watani
28-06-2025
- Business
- Watani
At USD20 million investment: New denim factory in SCZone
A factory for the manufacture of denim yarns, threads, and fabrics, the raw material used to manufacture various types of jeans, will be established in Qantara West Industrial Zone, west of the Suez Canal. The USD20 million contract that seals the agreement was signed on 23 June between Suez Canal Economic Zone (SCZONE) and the Turkish textile company ŞIRIKÇIOĞLU Grubu Textile Turkiye. The new factory, which will sprawl over some of 16,700 square metres, is expected to yield 18 million tons of fabric annually; it should cater for the needs of factories operating in Egypt, sad export some 50 per cent of its production. The denim factory will provide around 500 direct job opportunities. The contract was signed by Walied Gamal-Eldien, Chairman of the SCZONE, and Atef ŞIRIKÇIOĞLU, Chairman of the Turkish company. According to Gamal-Eldien, this project is the 25th contracted project in the Qantara West Industrial Zone, bringing total investments there to USD681.5 million, and providing 34,955 direct job opportunities. Şirikçioğlu was founded in Turkey in 1997 and is one of the leading companies in the production of denim yarns and fabrics, ranking first in this sector in the Turkish market. The company owns a group of specialised factories in Turkey, employing more than 5,000 employees, and exports its high-quality fabric products to many major international brands. Watani International 24 June 2025 Comments comments Tags: denim factory SCZoneMariam AdlyTurkish textile denim Egypt
Al-Ahram Weekly
23-06-2025
- Business
- Al-Ahram Weekly
SCZone, Turkish firm ink $20 mln deal to build denim factory in Qantara West - Economy
The Suez Canal Economic Zone (SCZone) has signed a $20 million agreement with Turkey's Şirikçioğlu Grubu to build a denim fabric factory in the Qantara West Industrial Zone. The factory will span 16,700 square meters and is expected to produce 18 million pieces of fabric annually. According to an SCZone statement on Monday, half of the output will be exported, while the rest will be supplied to factories inside Egypt. The project, the 25th to be established in Qantara West, is expected to create 500 direct jobs, bringing the total investment in the area to $681.5 million. Şirikçioğlu, founded in 1997, is a prominent Turkish denim yarns and fabrics producer and supplies several global brands. SCZone head Walid Gamal El-Din said the zone is working to attract more investment in targeted manufacturing sectors and improve connectivity between industrial areas and ports on the Red Sea and the Mediterranean. Follow us on: Facebook Instagram Whatsapp Short link:
