Economic Zone of Suez Canal Records 38% Increase in Revenue, Secures $6.3 Billion Worth of Projects
The Suez Canal Economic Zone (SCZone) has reported impressive growth in the fiscal year 2024-25, marking a significant milestone in the region's economic development. Despite a 54 percent decline in Suez Canal transit revenues due to reduced shipping traffic in the Red Sea, the SCZone managed to secure a total of 297 industrial, service, and port projects worth $8.6 billion.
Since mid-2022, the SCZone has secured a total of 334 projects worth $10.4 billion. This includes an additional 26 industrial and logistics contracts worth $1.85 billion between July and mid-September of the current fiscal year, which are expected to create 21,800 jobs in the SCZone.
The investment portfolio of the SCZone spans sectors including solar panels, tires, garments, metals, logistics, and recycled materials. The fiscal year 2024-25 saw an additional 129 projects finalized, valued at $4.4 billion, generating over 31,000 direct jobs.
Leading investors in the newly developed port areas Qantara West and Sokhna since mid-2022 include global logistics companies, regional port operators, and sovereign wealth funds, collectively contributing investments totaling $1.85 billion.
The SCZone's performance was rewarded with record revenues of 11.6 billion Egyptian pounds ($237 million) for the fiscal year 2024-25, up 38 percent year on year. This growth was supported by contracts worth $8.6 billion covering the 297 industrial, service, and port projects.
The authority also reported net profits of 8.6 billion pounds for the fiscal year 2024-25, a 51 percent increase on the previous year and nearly triple budget expectations. Expenditure for the fiscal year 2024-25 in the SCZone stood at 2 billion pounds.
The SCZone's success story continues, with the region attracting $6.3 billion in new investments across 155 projects over the past 14 months. The SCZone is poised to continue its growth trajectory, contributing significantly to Egypt's economy and regional development.
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