Suez Canal Zone lowers investment forecasts
INVESTMENT WATCH- SCZone revises investment forecasts downwards: Suez Canal Economic Zone (SCZone) boss Mohab Mamish has revised downwards investment forecasts, announcing in a press conference yesterday that he expects the zone to attract USD 50 bn of investment by 2030 instead of USD 55 bn by 2024 forecast in March this year (watch, runtime: 6:21). Investments currently stand at USD 25 bn and are expected to reach USD 30 bn “in the coming period,” Mamish said, adding that up to 1 mn jobs will be created in the zone over the coming decade. The SCZone is a key component of a government plan to draw foreign investments in the automotive, electronics, ICT, and pharma. The planned USD 7 bn Russian Industrial Zone (RIZ) is also expected to attract investments in pharma, agricultural equipment and other industries.
Meanwhile, revenues from the Suez Canal increased 5.4% y-o-y during FY 2018-2019 to USD 5.9 bn, compared to USD 5.6 bn a year earlier, according to a cabinet infographic. Proceeds that went to state treasury rose by 19.3% during the fiscal year, reaching a record high of EGP 72.2 bn (c. USD 4.3 bn).