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The Suez Canal Economic Zone (SCZone) will set up a joint-stock investment company called SCZone Istithmar to manage investments
The Suez Canal Economic Zone (SCZone) will set up a joint-stock investment company called SCZone Istithmar to manage investments. The Egyptian Cabinet headed by Prime Minister Mostafa Madbouly approved the company’s establishment. SCZone Istithmar will formulate strategic plans to manage SCZone’s current and future investments and set up joint development enterprises with the private sector.
The company will operate the basic facilities within the economic zone’s scope, in partnership with international and local private investment. On August 1, SCZone Chairman Walid Gamal El-Din witnessed the signing of a contract to allocate a plot of land with an area of 20,000 square meters in SCZone to Mienta, a French household appliances company. Mienta will establish its third factory and warehouse with $5 million in investments.
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The SCZone chairman expressed this deal will be attracting more foreign investments within the Industrial zone in Sokhna, reflecting foreign investors’ confidence in the investment climate in the SCZone.
