- February 26, 2025
- Posted by: Ahmed Abed
- Category: 2024, EN
H.E. Mr. Waleid Gamal El-Dien, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), signed an agreement for the establishment of the inaugural project within the East Ismailia Industrial Zone, “Technology Valley,” in Sinai, with Mr. Chinmaya Kumar Sahoo CEO of FerroGenesis India for Silica Manganese. The agreement aims to establish the Ferro Genesis factory, a subsidiary of the Indian company Volkov Infra Private Ltd., for the production of silico-manganese and ferro-silicon from quartz and manganese ore, essential components in the manufacturing of high-grade steel, with an investment of $5 million, equivalent to 250 million Egyptian pounds, spanning an area of 35,000 square meters and generating 150 direct employment opportunities. This project is part of a series of three ventures in the metal industries sector by Volkov, with a total anticipated investment of $65 million, expected to be formalized soon. This initiative aligns with SCZONE’s vision to achieve sustainable development in Sinai as a primary objective, in furtherance of Egypt’s Vision 2030.
On the sidelines of the signing ceremony, Mr. Waleid Gamal El-Dien stated:
“SCZONE takes pride in this project, which marks the commencement of investments in the East Ismailia ‘Technology Valley’ zone in Sinai, reflecting SCZONE’s commitment to developing this precious part of our homeland. The intensive promotional efforts SCZONE exerted over the past 30 months, and the fruitful external promotional tours, are contributing to the localization of industries in various industrial zones affiliated with SCZONE. These efforts have culminated in the successful development of the East Ismailia ‘Technology Valley’ industrial zone, a significant industrial zone that has long-awaited development. The anticipated projects in this zone will provide job opportunities for the people of Sinai, both directly and indirectly. It is expected that two additional projects will be signed with Volkov Company in the coming months, bringing the total investment, including today’s signed project, to $65 million, equivalent to over 3 billion Egyptian pounds. SCZONE looks forward to more projects in this industrial zone.”
“SCZONE’s efforts integrate with Egypt’s efforts in developing Sinai, which includes the establishment of the New Ismailia City, with the ‘Technology Valley’ zone serving as its industrial hinterland. This aligns with SCZONE’s strategy aimed at creating integrated development communities supported by industry and logistics activities. All of this is served by an advanced transportation network, including the new El Ferdan Bridge, the rehabilitated and reactivated railway stations, and the 3rd of July tunnels under the Suez Canal, in addition to infrastructure and utilities such as power stations, desalination, and water treatment plants. The commencement of the ‘Technology Valley’ development represents the activation of all the economic tools available to SCZONE, including 4 industrial zones and 6 seaports that integrate to contribute to linking manufacturing and production zones with target markets, supporting global supply chains, and achieving the SCZONE’s vision in localizing industries in the targeted sectors.”
Added SCZONE Chairman
It is noteworthy that the East Ismailia Industrial Zone, known as Technology Valley, spans a total area of 72 square kilometers. Through it, the Suez Canal Economic Zone aims to localize industrial sectors that align with the geographical nature and resources of this zone, such as the availability of silica sand and others, to establish an integrated industrial community based on high-tech industries, where investment, education, and scientific research interact. The most significant of these sectors include: (high-tech and semiconductor industries, information and communication technology, photovoltaic cells and panels, integrated renewable energy industries, vocational training centers, and commercial uses and public services).
