Infrastructure Suez Canal Economic Zone plans $3bn investment By Pramod Kumar November 6, 2024, 9:52 AM Reuters/Shokry Hussien A view of the construction site of a new container terminal of Ain Sokhna Port in Ain Sokhna, Suez Province, Egypt Egypt’s Suez Canal Economic Zone (SCEZ) plans to invest $3 billion on infrastructure over the next few years to attract new investors, chairman Waleid Gamal El-Dein said. “We have been able to attract more than $6.3 billion of investments in various sectors and logistics and ports,” he told Reuters, expecting the number of projects to grow sharply. The zone has attracted nearly $1 billion in the first four months of the fiscal year, which began in July. He said regional political instability has emphasised the advantage of diversification and hedging, adding the zone has attracted more than 160 projects over the last two years. Egypt awaits $1.3bn loan from IMF as review begins Red Sea crisis boosts Saudi air cargos by 50% Infrastructure needed to support Egypt’s tourism ambitions El-Dein said a new desalination plant will be constructed in Sokhna on the Red Sea to support the green hydrogen industry. The first phase will have a capacity of 250,000 cubic metres per day. The tender will be released shortly, with construction expected to be completed in two to four years, the chairman said. Suez Canal revenue has fallen by $6 billion so far in 2024 following attacks in the Red Sea, the report said.
