Six investors are to develop industrial projects across the Suez Canal Zone (SCZone), including Orientals Company for Industrial Projects, Sokhna Refinery and Petrochemicals Company, Egyptian Chinese Company, and Egyptian Steel, Invest-Gate reports.
Under the auspices of Egypt’s Prime Minister Sherif Ismail and Minister of Investment and International Cooperation Sahar Nasr, the Egyptian government has contracted six industrial companies to develop approximately 16.2 mn square meters in the southern area of the Suez Canal Economic Zone, mainly Ain Sokhna.
Orientals Company for Industrial Projects is to start the first phase of developing an area of 3 mn square meters over three years, with Elsewedy as its main investor.
On an area of 2.2 mn square meters, Soukhna Refinery and Petrochemicals Company embark Â on a petrochemicals project. Also, Egyptian Chinese Company takes on an area of 1.25 mn square meters for yet another industrial project. Raya for Manufacturing and Logistical services is to develop a coal storage facility on an area 100,000 square meters; in addition to Port Said Steel Company to establish a factory on an area of 38,500 square meters.
Steel producer Egyptian Steel CEO and Chairman Ahmed Abu Hashima signed a contract to establish a factory affiliated to the National Port Said Steel Company, estimated at EGP 5.5 bn. The factory is scheduled for opening this December with a capacity of 830,000 tons of billets and 550,000 tons of steel bars.
Such ventures come as part the government’s efforts to develop the SCZone and solve the outstanding issues with some investors in the area, as well as, raise these companies’ investments in the zone.