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Tuesday, 24 April 2018

TEDA Egypt is looking to attract a total USD 5 bn in investments to Ain Sokhna industrial zone

INVESTMENT WATCH- TEDA Egypt is looking to attract a total USD 5 bn in investments to its Ain Sokhna industrial zone over the next four years, throughout which the second phase of the project will be developed, Executive Director Li Daixin said yesterday, Al Shorouk reports. Companies have already committed up c. USD 500 mn to second-phase projects, he said. TEDA had said last week that it was looking to attract USD 3 bn worth of Chinese investment to the zone, without elaborating on the nature of the investments or the prospective investors.

Expect a flurry of Chinese textile investments coming as talks with leading Chinese textile companies ratchet up. TEDA plans to hold talk this week with Shandong Ruyi to develop a factory in the zone, according to Al Mal. This comes as a delegation of 50 Chinese companies met with Trade and Industry Minister Tarek Kabil, who pitched them on the opportunities in the Egyptian textiles sector, according to a ministry statement.

On a related note, the FY2018-19 budget projects that the Suez Canal Economic Zone (SCZone) will make a net profit of EGP 1.5 bn, up from EGP 1.3 bn in FY2017-18, according to Al Mal. Revenues for the SCZone, which includes the Ain Sokhna industrial zone, are expected to reach EGP 3 bn.

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