Egypt aims to attract foreign investments amounting to $3.9 billion from the Suez Canal Economic Zone (SCZone) during the current fiscal year (FY) 2023/2024, according to statements by the Executive Director of the SCZone Ahmed Saad in an interview.

Saad also added that the SCZONE attracted investments worth $1.3 billion in the first four months of the current FY23/24. SCZONE already attracted investments amounting to $3.6 billion in FY 2022/2023.

Egypt aspires to attract $25 billion in direct foreign investments within 5 years, according to previous statements by the CEO of the General Authority for Investment and Free Zones (GAFI) which he expected to attract foreign investments of about $12 billion during the current fiscal year in a 20% increase from FY22/23.

In November 2023, The Suez Canal Economic Zone (SCZONE) announced that it is working on launching 11 projects in cooperation with China with investments worth $15.6 billion, as a result of the promotional tour of the Chairman of SCZONE, Walid Gamal El Din.

In regard to the agreements signed during the tour, Xinxing Cathay International Group will invest approximately $1.08 billion to build two factories in SCZone which will be allocated as follows, $930 million will go into the development of the steel factory, and $147 million into the establishment of a factory producing cast iron pipes.

Furthermore, SCZone signed several agreements to establish new energy projects, including signing of a MoU with Chinese energy companies for the establishment of a new green ammonia and green hydrogen project in the Sokhna Industrial Zone, with investments estimated at $6.75 billion.