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Suez Canal Economic Zone reports $581.6mln in revenues from 6 seaports

Monday, 29 June 2020 | 15:00

The Suez Canal Economic Zone (SCZone) has reported revenues of EGP 9.4bn between July 2016 and June 2020 from six ports under its supervision.

The SCZone reported the divs in a report entitled “Axis of Hope”, which it issued on Saturday.

SCZone Chairperson Yehia Zaki said the zone has succeeded in attracting large investments, particularly from abroad.

He added that many of the authority’s partners have taken part in advancing the region through establishing technical training centres. These feature the latest international technologies, and are aimed at workers in the region.

Zaki said, “The SCZone is one of the most important giant projects with great returns and diversified investment opportunities carried out by the Egyptian state in the present era under the leadership of President Abdel Fattah Al-Sisi.”

He noted that the development project is based on the establishment of an industrial, commercial and logistical centre providing opportunities for developers and investors worldwide. They will be able to benefit from Egypt’s strategic location, as a centre for production, with the country in turn able to re-export products around the world.

Zaki revealed that the authority’s total revenues, whether from ports or settlements with investors and securities investments, amounted to EGP11.37bn in the period from July 2016 to June 2020.

He added that the value of the authority’s usufruct revenues and settlements with investors during this period amounted to EGP 576.6m. Its revenues from investments in securities amounted to EGP 816.3m, as a result of its contribution to subsidiary companies. At the same time, the authority’s diversified revenues amounted to EGP 577.1m.

The cost of infrastructure and utilities works at the SCZone amounted to about EGP 25.711bn during the period from July 2016 to June 2020, the report highlighted.

The report also said that the authority and its industrial developers working inside the zone had completed a number of power stations. These notably aim to reduce voltage and distribution, and have been completed at a total cost of EGP 4.4bn.

In addition to this, the zone has established a number of water stations and desalination plants, lifting and purification stations as well as storage tanks, at a total cost of EGP 5.4bn.
Source: Daily News Egypt

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