(MENAFN) Walid Gamal El-Din, Chairman of the General Authority of the Suez Canal Economic Zone, announced a significant increase in the zone’s revenues for the fiscal year 2023-2024, totaling EGP 8.245 billion. Of this, EGP 5.932 billion, or approximately 72 percent, were denominated in dollars. This substantial revenue growth was detailed during a meeting with Egyptian Prime Minister Dr. Mostafa Madbouly, where El-Din provided an overview of the fiscal year’s performance and developments within the economic zone.

The revenue figures encompass earnings from key ports including Sokhna, East and West Port Said, Adabiya, Arish, and El-Tor, as well as income from usufruct rights, investments, and desalination plants. Compared to the fiscal year 2016-2017, when revenues stood at EGP 2.76 billion, this year’s revenue represents a dramatic increase of 205 percent. The robust financial performance reflects the economic zone’s growing role in Egypt’s economic landscape.

In addition to the revenue growth, El-Din highlighted that contracts for industrial zone projects reached a total value of USD5.116 billion across 218 projects. Among these, 98 projects with an investment of USD2.225 billion have received final approval, while 120 projects worth USD2.891 billion are at the initial approval stage. Furthermore, the past fiscal year saw a notable expansion in port projects within the economic zone, with seven projects valued at USD1.359 billion, a significant increase from just two projects costing USD30 million in the previous fiscal year. 

MENAFN30072024000045015682ID1108498512