- November 1, 2022
- Posted by: Ahmed Abdelatif
- Category: 2022, EN
Mr. Waleid Gamal El-Dein, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), announced Board of Directors approvals for several decisions, projects, and a package of new investment incentives to enhance SCZONE competitiveness within its regional counterparts. The meeting was held in the presence of Dr. Hala Al-Saeed, Minister of Planning and Economic Development, Dr. Rania Al-Mashat, Minister of International Cooperation, Dr. Assem Al-Jazzar, Minister of Housing, Eng. Kamel Al-Wazir, Minister of Transport, Eng. Ahmed Samir, Minister of Trade and Industry, the governors of Port Said and Ismailia, members of the Board of Directors from the Vice-Chairmen of SCZONE representatives of the legal departments, internal audit department, financial department, and those with technical and legal expertise.
At the beginning of the meeting, Mr. Waleid Gamal El-Dein presented SCZONE’s vision during the current fiscal year and its objectives to create new investment opportunities in the industrial and maritime sectors.
The meeting discussed the proposal for the establishment of an offshore global financial center that can play financial, investment, and control roles. It also will be a promising stock exchange market. The meeting also confirmed the importance of establishing platforms for small and medium enterprises to achieve diversification and development of economic and human resources. The board of directors agreed to issue a guide to customs procedures, which aims to establish an integrated industrial base that encourages attracting foreign investment and revitalizing the local market.
SCZONE is also studying the transformation of integrated industrial zones into integrated industrial cities through the establishment of residential communities, the provision of public services, and recreational means within the framework of an environmental system, and the development of futuristic plans to transform them into green cities.
The Board of Directors also discussed establishing an investment company that will be affiliated with SCZONE to be an investment arm in the SCZONE projects. The development works are also part of the discussions as the works in ports aimed at raising the efficiency of new berths and basins. The development plans for the industrial areas will include the Qantara west area (Abu Khalifa) and the Ismailia east area (Valley of Technology) in order to prepare them to receive the targeted industrial sectors by 2023.
In addition to the approval of The Council agreed to sign a cooperation agreement with the Al Suwaidi Charitable Foundation in the field of technical education and training to start a wide range of activities, especially in the field of green energy and other fields that are in line with the needs of SCZONE.
The Board meeting discussed SCZONE’s strategy to localize the green fuel industry, which is based on 3 main pillars: the manufacture of green fuels from (green hydrogen – green ammonia – and e methanol), in addition to the importance of working on complementary industries from electrolyzers, solar panels, and turbines. The third pillar is the activity of bunkering ships with green fuel.
This meeting comes before the participation of the Suez Canal Economic Zone in the climate change conference COP27 when it will announce the start of its first actual production of green fuel.
