$50M Investment Fuels Green Energy Industrial Complex In SCZONE

2023-12-05 11:10:22

(MENAFN- Daily News Egypt)

Walid Gamal El-Din, Chairperson of the Suez Canal Economic Zone (SCZONE), alongside Mohamed El Demerdash, Managing Director of Injazat, and Jeff Kaye, General Manager of CHINT Global, have inked a strategic cooperation agreement to create an expansive industrial complex dedicated to green energy technology. This complex will cover 2 million square meters within the SCZONE.

The formal framework agreement and associated feasibility studies are slated for completion in 2024. The signing ceremony was held at the SCZONE's pavilion during the COP28 event in the UAE.

Gamal El-Din expressed that this initiative aligns with SCZONE's commitment to a green economy and mirrors Egypt's strategic vision for the energy sector.

Additionally, Gamal El-Din oversaw the signing of a project agreement with Jushi to supply the company's factory with 7 megabytes of solar-generated electricity. This project will be managed by the Injazat and CHINT Global alliance.

He also attended the contract signing for land allocation to ElSewedy Industrial Development Company and Jushi, a leading fiberglass producer, to expand the existing factory within the“Industria Sokhna” project. The agreement, signed by Mohamed El-Kammah, CEO of ElSewedy Industrial Development, and Ma Chenyao, Deputy General Manager of Jushi Egypt, aims to construct a 60,000-square-meter industrial complex. This extension will house four production lines for sustainable products, representing an investment of $920m and an annual production capacity of 350,000 tonnes. Jushi's contribution is approximately $8m, taking advantage of SCZONE's incentives.

Furthermore, Gamal El-Din witnessed the land allocation contract between Elsewedy Industrial Development and Futurefert Company, owned by Sharqia Holding Limited in the UAE. This partnership will establish a facility for producing agricultural nutrients over 127,000 square meters within the“Sokhna 360” project. Futurefert Egypt plans to invest $50m across two phases to produce 300,000 tonnes of agricultural nutrients in the initial phase.

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