\n\tRIYADH: Egypt\u2019s Suez Canal Economic Zone has signed seven investment contracts across strategic industries, logistics, and clean energy as it seeks to attract high-quality investments and localize value-added industries.<\/p>\n
\n\tThe agreements include a $35 million project by global logistics firm Agility to establish and operate a logistics zone and regional distribution centers, creating 400 direct jobs.<\/p>\n
\n\tThey also cover a $300 million investment by China\u2019s Zenith Group to manufacture automotive tire components and steel wire, with 30 percent of production earmarked for export to global markets.<\/p>\n
\n\tThe project is expected to create 1,000 direct jobs, according to a statement.<\/p>\n
\n\tThe remaining deals comprise two contracts related to the transmission, distribution, and purchase of clean electricity for projects in the zone, alongside three agreements covering logistics, warehousing, storage, and trading services to support businesses operating within the economic zone.<\/p>\n
\n\tThe\u00a0newly released statement<\/a>\u00a0said: \u201cThis reflects the growing confidence in the Suez Canal Economic Zone<\/a> as an integrated regional hub for sustainable industry and logistics services.\u201d<\/p>\n \n\tSuez Canal Economic Zone expects 30 percent revenue growth<\/p>\n \n\tThe latest pacts build on the zone\u2019s recent investment momentum. SCZone Chairman Walid Gamal El-Din said in May<\/a> that the economic zone had attracted around $16 billion in investments over the past three years and nine months, including $7.1 billion in the current fiscal year, as it positions itself as an integrated industrial and logistics hub amid global supply chain shifts.<\/p>\n \n\tThe authority is targeting further growth by prioritizing renewable energy, pharmaceuticals, metals, chemicals, and electric vehicles while leveraging its strategic location, integrated infrastructure, and network of ports.<\/p>\n \n\tIt also expects revenues and the budget surplus to grow by more than 30 percent this fiscal year, driven by new factory openings and the expansion of maritime services.<\/p>\n