Suez, Egypt – The Suez Canal Economic Zone (SCZone) in Egypt has reported a significant influx of investments, totaling US$1.85 billion in the last six months of 2023. This follows $2.5 billion in foreign investments received between July 2022 and May 2023.

According to Africa News Agency, SCZone General Authority Chairman Waleid Gamal el-Dein announced that since July 1, 2023, 89 investment projects have received initial or final approval. Of these, 47 projects with investments totaling $941 million received final approval, while another 42 projects totaling $908 million received initial approval.

The investments span various sectors, including carpet manufacturing, textile printing, household appliance production, private customs warehousing, ready-to-wear clothing, and accessory production. There has been significant interest from Chinese companies in these sectors. Launched in August 2015, the SCZone covers an area of 461 square kilometers along the Suez Canal and includes six ports and four Development Zones.