SCZone pens contracts for new projects in chemicals, food, renewable energy

Updated 9/8/2024 4:29:00 AM

Arab Finance: The Suez Canal Economic Zone (SCZone) and representatives from various Chinese and Egyptian companies have signed contracts for several projects during the Forum on China–Africa Cooperation (FOCAC) in Beijing, as per a statement.

One of the key projects is a glass production plant, established through a contract between TEDA Egypt and China Glass Holdings Limited.

The plant will feature two production lines, with an annual capacity of 240,000 tons of high-quality glass.

This $300 million investment will provide 800 job opportunities and target export markets in North Africa, the Middle East, and Europe.

Another significant deal involves the production of chloralkali through a contract with Binhua Group (BEFAR) valued at $500 million.

The project will create 795 jobs and will focus on green chemical production using renewable energy sources.

Additionally, Elite Solar signed a contract to build a solar cell factory with a capacity of 2 gigawatts.

The $100 million project aims to bridge the gap in photovoltaic energy production in Egypt.

A modified starch factory will also be established through a partnership between TEDA Egypt and Tiba Starch and Glucose Manufacturing Co.

This facility will meet local demand by producing 50,000 tons of modified starch annually.

Furthermore, a home appliance supply chain zone will be developed by Kaks Investment, with a total investment of $50 million.

This project will enhance the local production of home appliance components, creating 300 jobs.

These projects reflect growing international confidence in the SCZone, with total investments exceeding $1 billion and over 3,000 new job opportunities.