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Wednesday, 10 June 2020

SCZone and SFE to partner on rail projects in East Port Said

Sovereign fund is getting in on a railcar assembly plant in East Port Said with the SCZone: The Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (SFE), and the Transport Ministry are looking to set up a plant to assemble railway cars, SCZone head Yehia Zaki told Extra News yesterday (watch, runtime: 3:20). The facility, which is one of “two or three” projects the SCZone and SFE are working together on, will produce electric monorail, high speed rail, and metro cars.

Background: The SFE is looking to invest in strategic sectors including logistics, renewables and manufacturing through industry-specific sub-funds. Fintech and services that will promote financial inclusion, pharma manufacturing, healthcare services, logistics, food processing and agriculture have also been on the fund’s investment radar for the near future.

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