Egypt's Suez Canal Economic Zone's (SCZone) total revenues rose 70 per cent to 4.3 billion Egyptian pounds in the first half of fiscal year 23-24, compared to 2.6 billion pounds during the same period in 2022, a cabinet statement said on Wednesday. SCZone approved the budget for the fiscal year 24-25, totalling 37.3 billion pounds. This includes an investment budget of 28.6 billion Egyptian pounds and a current budget of 8.6 billion pounds. During the first half of fiscal year 23-24, about 48 projects were approved with a total investment of $991 million. Additionally, 42 projects have received initial approvals, with investments totalling $908 million, the statement added. The SCZone board approved a ground-breaking Data Centre project, on an area of 80,000 square metres. The project will be implemented in two phases with at a total cost of $224 million and a capacity of 2500 server racks. This project aims to localise an important service sector in Egypt, aligning with Egypt's Vision 2030 for digital transformation. It also enables the export of the service to neighbouring markets and global technology companies.
