The Cabinet has approved a proposal submitted to the Ministry of Investment and Foreign Trade to establish a new private free zone project at the Sidi Kerir Petrochemicals Complex in Alexandria.

The project requires an investment of approximately $158.6 million and will create around 500 jobs.

 This project, titled Draschem for Specialized Chemicals will cover an area of 157,000 square meters, focusing on producing specialized chemicals.

The project is designed to achieve a 100% local component in production, with all output aimed at export.

In its first phase, annual production is projected to reach between 50,000 and 55,000 cubic meters, with plans to double capacity in a subsequent phase.

The project aims to develop a leading investment in the chemical industry, reflecting confidence in Egypt’s robust economy, favorable investment climate, and abundant local raw materials.

Additionally, Egypt’s strategic location, skilled labor force, and numerous regional and international trade agreements position it as an ideal base for such investments.

This new facility will produce sodium cyanide and its derivatives, making Egypt the first country in the Middle East and North Africa to localize this advanced technology.

The project will also contribute to the mining industry by providing strategic and technical incentives as mining activities continue to expand.