Suez Canal Zone’s revenues hit $170.7mln in FY2023/24

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Arab Finance: The Suez Canal Economic Zone (SCZone) has achieved revenues totaling EGP 8.245 billion for the fiscal year (FY) 2023/2024, EGP 5.932 billion of which are in US dollars, comprising 72% of total revenues, Chairman Waleid Gamal El-Dien announced in a meeting with Prime Minister Mostafa Madbouly.

During the meeting, Gamal El-Dien outlined that these revenues encompass earnings from Sokhna Port, East Port Said Port, West Port Said Port, Adabiya Port, Arish Port, El-Tor Port, as well as proceeds from usufruct rights, financial investments, desalination plants, and other revenue sources.

He further mentioned that the SCZone’s revenues hit around EGP 8.5 billion at the end of the previous FY, marking a 205% surge from EGP 2.76 billion in FY 2016/2017.

In FY 2023/2024, the SCZone sealed $5.116 billion contracts for 218 projects in the industrial zones, 98 projects of which are valued at $2.225 billion and received final approval, while 120 projects with investments worth $2.891 billion received initial approval, he added.

Once operational, these projects will create over 25,000 direct and indirect job opportunities, Gamal El-Dien said.

Moreover, the SCZone oversaw seven port projects costing $1.359 billion in the FY 2023/2024, compared to two projects at an investment cost of $30 million a FY earlier.