In the 2023-2024 fiscal year, revenues of the Suez Canal Economic Zone reached 5.3 billion Egyptian pounds ($111.8 million), an increase of 53% year on year. This was announced by Walid Jamal ad-Din, Head of the Main Directorate of the Economic Zone, the newspaper reported. Amval al-Ghad .
Net profit for the region reached £3.74bn, up 57% on the previous year. Al-Din described the revenue increase as “unprecedented” and attributed it to the successful implementation of new projects and contracts in industrial zones.
“This demonstrates the success of the management strategy to attract investment in the sector,” he said.
In particular, at the end of February, the Egyptian State Fund and Corporation signed 7 agreements with international developers on cooperation in the field of green hydrogen and renewable energy sources. It is estimated that the investment potential will be 40 billion dollars in the first 10 years.
It was known that the Houthis attacked before this. reduced Egypt’s revenue from the Suez Canal has doubled.
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