Arab Finance: Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZone), inked two agreements for new textile projects with combined investments of $28 million, as per a statement.

The two projects, which will be developed in the Qantara West Industrial Zone, are set to export all their output.

Gamal El-Dien signed the first deal with China-based Changzhou Kingcason Printing & Dyring Co. Ltd at $24.5 million (EGP 1.2 billion).

Accordingly, a manufacturing, dyeing, and printing facility will be built on 60,000 square meters, providing 500 job opportunities.

Under the second agreement, Shanghai Honour and its UAE-based subsidiary Home Hub Textile will jointly establish a project covering 40,000 square meters.

This project will offer 300 jobs and will be developed with an investment of $3.5 million (EGP 177 million)

Finally, Gamal El-Dien highlighted that the two projects have brought SCZONE’s signed contracts at the Qantara West Industrial Zone to 14, attracting $542.3 million in investments within 20 months.

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