According to reports, Chairman Waleid Gamal El-Dein stated that the Egypt’s Suez Canal Economic Zone (SCEZ) plans to invest $3 billion on infrastructure over the next few years.
Reports state that Chairman Waleid Gamal El-Dein said that the infrastructure investment by SCEZ will attract new investors. In a statement to Reuters, the Chairman claims to have been able to attract more than $6.3 billion of investments in various sectors and logistics and ports and is expecting the number of projects to grow sharply.
Moreover, El-Dein said a new desalination plant will be constructed in Sokhna on the Red Sea to support the green hydrogen industry. The first phase will have a capacity of 250,000 cubic metres per day according to the reports.
Furthermore, reportedly the Chairman said that regional political instability has emphasised the advantage of diversification and hedging, adding that the zone has attracted more than 160 projects over the last two years.
However, to remind, Egyptian Foreign Minister Badr Abdelatty, in a meeting with IMO Secretary General, Arsenio Dominguez, highlighted the impact of Houthi attacks in the area. The Foreign Minister had noted that these incidents have hurt Egypt’s economy and have led Suez Canal to lose an estimated $6 billion revenue.
