ChatGPT said:Egypt's Suez Canal Economic Zone (SCZONE) witnessed the signing of a project agreement with Al-Ahram Company for Chemicals, Resins, and Derivatives to establish an industrial complex for the production of formaldehyde, form-urea, and several chemical derivatives including glue and melamine. Egypt's Al Ahram Chemicals signed Wednesday a deal with the Main Development Company, the development arm of the Suez Canal Economic Zone, to build a $10 million industrial complex producing formaldehyde, urea-formaldehyde, and other chemical derivatives in Sokhna. The project, to be located in the Sokhna Industrial Zone, will cover 14,000 square metres and create around 150 direct jobs, according to SCZONE statement. Production is scheduled to begin in early 2027, with an annual capacity of 25,000 tons of formaldehyde and 25,000 tons of urea-formaldehyde, in addition to other derivatives such as glue and melamine. The agreement was signed by Walid Youssef, MDC's managing director, and Romany Girgis Fawzy, Al Ahram's chairman, in the presence of senior officials from both sides. SCZONE Chairman Waleid Gamal El-Dein said the project supports Egypt's efforts to localise key chemical industries, boost local content, and reduce import dependency, in line with the zone's strategy to attract investment in sectors that feed into major industrial operations. The Al Ahram Chemicals project is the second investment approved under an initiative to expand export-oriented industrial activity in SCZONE during the 2025/2026 fiscal year, established under Prime Ministerial Decree No. 151 of 2024. The initiative offers incentives for industrial expansion, export growth, and the development of feeder industries that strengthen domestic manufacturing capacity. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
