(MENAFN- Daily News Egypt) Osama Rabie, Chairperson of the Suez Canal Authority (SCA), witnessed on Wednesday the signing of a strategic partnership agreement between the SCA and Anchorage Investments to establish a major industrial petrochemical complex on SCA-owned land in Ain Sokhna, northwest of the Gulf of Suez, within the Suez Canal Economic Zone (SCZONE).

The agreement marks the launch of a landmark project aligned with the directives of Egypt's political leadership to strengthen partnerships with the private sector and build an advanced national industrial base equipped with the latest global technologies.

In its first phase, the complex will produce polypropylene (PP) as its main product using propane feedstock, along with hydrogen as a by-product, with investments exceeding $2bn. The second phase will expand production to include additional petrochemical derivatives and complementary industrial units geared toward exports and sustainability, bringing the project's total investment value to approximately $4.5bn.

Once operational, the project is expected to create more than 2,500 direct and indirect job opportunities and generate significant economic returns by reducing Egypt's petrochemical import bill, enhancing export capacity, and boosting foreign currency inflows.

Rabie affirmed the SCA's commitment to deepening collaboration with private-sector partners to attract major investments that contribute to building Egypt's industrial and economic strength.“The establishment of a petrochemical complex on the Authority's land in Ain Sokhna reflects the Suez Canal's clear strategy to optimise its assets, diversify its activities, and create multiple income streams,” he said.

For his part, Ahmed Moharram, Founder and Managing Director of Anchorage Investments, said the company is dedicated to developing transformative industrial projects that support Egypt's industrial diversification and align with global trends in energy transition and advanced manufacturing.

Moharram noted that the Anchorage Polypropylene Complex represents the first phase of a broader industrial vision and long-term growth strategy for the chemical industries, focused on exports and sustainability. He added that the project brings together leading international companies in technology, engineering, and construction, and is structured in line with global best practices to ensure strong governance, transparency, and flexibility.

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