Mamish: SCZone Revenues Hit Record High

Chairman of the Suez Canal Economic Zone (SCZone) Mohab Mamish said on Saturday that the canal's revenues reached its highest record for the second year in a row.

Mamish noted that the zone is working to maximize its earnings to help boost the Egyptian economy as it is one of the main strings of the fiscal budget.

He added that the gross revenue reached EGP 3.69 billion in the fiscal year 2018-19 while the net profit, which is calculated by subtracting the cost of goods sold from gross revenue, recorded EGP 2.198 billion in the same period.

Within the next two years, the SCZone will sign new agreements with major corporations, who are ready to invest in the zone.

[caption id="attachment_68439" align="aligncenter" width="1024"] Aerial photo of the SCZone[/caption]

"The economic zone in Ain Shokhna will mull new agreements with global and local companies to help generate new employment opportunities for the youth," Mamish added.

In the meantime, the SCZone chairman noted that the Board of Directors of the Authority approved the budget of the new financial year 2019/20 with a total of EGP 10.4 billion, the largest budget since its establishment.

"In the next fiscal year, the authority will receive the biggest budget in its history. The new budget will be utilized to boost investments in the zone through implementing and processing more areas with infrastructure and facilities," he concluded.