The Suez Canal Economic Zone (SCZONE) revenues increased on a year-on-year (YoY) basis by 78% at 6.06 billion EGP ($194m) in fiscal year (FY) 2022/2023, compared to 3.49 billion EGP, according to Walid Gamal El-Din, Chairman of the SCZone.

The SCZONE total assets amounted to 86.60 billion EGP during the July 2022-June 2023 period, compared to EGP 33.90 billion in FY21/22. 

This increase is thanks to the volume of projects under implementation.

Contracts in industrial zones and ports hit $3.57 billion over 60 projects during FY22/23. 

A total of 53 projects ($2.23 billion) were implemented in the industrial zones, while the remaining seven projects ($1.34 billion) were affiliated with seaports.

The board initially granted its approval for 55 industrial projects at a total investment cost of $1.70 billion. The number of projects in industrial zones stands at 20, including 16 with the developers and partners of the economic zone, with a value of $8.27 billion in expected investments.

About 68 companies were launched in the region with an issued capital of $44 million, adding that another 50 firms obtained a construction license.

During the first quarter of FY23/24, SCZone will attract the development of 16 projects at a combined value of $255 million.

The SCZone signed nine agreements with an expected investment of $83 billion for green fuel projects,, eyeing an annual production capacity of about 15 million tonnes of green fuel of all types.

The board also inked 14 memorandums of understanding (MoUs) for planned projects in FY23/24, with an additional eight deals forecast to be penned in the coming months. Additionally, there will be four direct contract projects with the economic zone with investments of about $1 billion.