SCZone Approves Petrochemicals, Railway Projects Worth $2.8 Bln

Chairman of Suez Canal Economic Zone (SCZone) Yehia Zaki announced the approval of the board of directors to establish a petrochemical project in Ain Sokhna with investments worth $2.6 billion.

The project will be implemented on an area of ​​1.5 million square meters in two phases, to produce products for exporting for export.

The Board of Directors has also approved a project for the construction of a cereal and grain milling plant in east Port Said port, with new docks of 500 meters long, 250 thousand square meters and a logistical area of ​​400,000 square meters.

On the other hand, and within the framework of the Egyptian state’s plan to enhance the railroad industry to serve the local and African markets. The authority agreed to join the National Rail Industries Company specializing in the manufacture of railway units and their requirements, which include trains, monorails and metro.

The partnership between the authority and the sovereign fund and others from the private sector is part of the plan to develop and modernize the rail sector, which was adopted by the Ministry of Transport to meet the needs of the transport sector of tractors and rail cars.

The estimated investment cost of the railway carriage and accessories project is estimated at about $240 million, to be implemented in two phases, the first of which is a mobile unit factory and the second is a factory for the industries feeding the sector.

The project will be located on an area of ​​300 thousand square meters in the industrial zone in east Port Said to establish an industrial complex for the manufacture of railway units with a production capacity of 300 thousand vehicles annually.

SCZone to help localize railway industry

Zaki said that this project is one of the most important projects that the SCZone will witness during the next five years, which would create job opportunities for Egyptian youth and localize technology in the railway industry, as well as provide foreign reserves used in importing the requirements of this industry, which enhances the state's competitiveness in this sector.