Suez Canal Zone: Investments worth $1 billion to be seen in Ain Sokhna Industrial Zone in 2020

Suez Canal Zone: Investments worth $1 billion to be seen in Ain Sokhna Industrial Zone in 2020

CAIRO - 29 January 2021: The investment cost of new projects contracted by industrial developers to be carried out in the Ain Sokhna Industrial Zone in 2020 hit $1.077 billion, the Suez Canal Economic Zone (SCZone) announced.

Under the contracts, 24 projects in the Ain Sokhna Industrial Zone are set to be operated in three years, the SCZone said in a report released Friday on the outcome of 2020.

The report said negotiations are underway with a number of national and foreign companies to establish projects specialized in petrochemicals, as well as supplementary industries of iron, tires, stainless steel and fiber-optic cables, in addition to logistics facilities for car storage.

Egypt service center for Siemens International shall house the Egyptian German Technical Academy (EGT Academy), which aims at training some 5,500 Egyptian young people within four years, through a vocational training center integrated with a repairing and maintenance center. The center was established and operated at a cost of EUR 22.5 million.

The SCZone has outlined a vision for 2020/2025 to identify the targeted sectors and industries that go in line with the Egyptian State's policies.

It added that