Prime Minister Mostafa Madbouly this morning witnessed the signing of a contract to develop and transfer usufruct rights for a 2.86-square-kilometre plot of land within the Ain Sokhna industrial zone, part of the Suez Canal Economic Zone (SCZONE). The agreement was signed by the SCZONE, the Main Development Company (MDC), and Egypt TEDA Special Zone Development Company at a ceremony held at the New Alamein Government Headquarters, attended by Vice Prime Minister for Industrial Development and Minister of Industry and Transport Kamel Al-Wazir. The new contract coincides with TEDA Egypt nearing completion of infrastructure works on its previously allocated 7 square kilometres, bringing its total developed area within the Ain Sokhna industrial zone to nearly 10 square kilometres. This step underlines SCZONE's commitment to developing and optimally utilising industrial land through partnerships with experienced developers. Under the agreement, the developer will undertake new infrastructure works with total investments of $100 million, expected to attract a wider range of industrial projects and support the Authority's goal of establishing integrated, sustainable industrial communities. Prime Minister Madbouly stressed the importance of this collaboration in accelerating industrial development within the Suez Canal Economic Zone, noting that the zone has the potential to become one of the region's key manufacturing and logistics hubs. He also highlighted the government's broader efforts to strengthen cooperation with local and international private sector partners to drive development and create job opportunities. For his part, Walid Gamal El-Din, Chairperson of the SCZONE, described the contract as a strategic milestone in advancing the development framework of the Ain Sokhna industrial zone. He emphasised the Authority's dedication to maximising the investment value of industrial land and making full use of existing infrastructure, adding that the partnership with MDC and TEDA Egypt aligns with SCZONE's strategy to localise industries and deepen local manufacturing. Gamal El-Din noted that TEDA Egypt's latest expansion demonstrates the success of the partnership over recent years, both in attracting investments and in creating an integrated industrial community within the zone. He reaffirmed SCZONE's ongoing commitment to facilitating and sustaining this success, which he described as a model of productive economic cooperation and sustainable industrial development. He further explained that this expansion will help localise priority industries and attract more Chinese companies looking to access regional and global markets. Over the past three years alone, the SCZONE has secured over $4bn in Chinese investments, with shared objectives between the parties paving the way to double this figure in the near future. TEDA Egypt is among the leading industrial developers in the Suez Canal Economic Zone, renowned for its expertise in establishing industrial communities and attracting Chinese and other international investors. Meanwhile, the MDC acts as one of SCZONE's investment arms, tasked with developing and managing industrial assets within the zone.
