The revenues of the General Authority for Suez Canal Economic Zone (SCZone) in the fiscal year 2022-2023 have surpassed EGP six billion for the first time ever in its history compared with EGP 3.490 billion during the fiscal year 2021-2022, marking an increase of 78 percent, according to the final account of the SCZone for the previous FY.
The SCZone, in a statement issues on Thursday, attributed the surge in revenues to new projects and services offered by the authority to maximize profits including the ship bunkering services and deals sealed with partners to upgrade maritime ports and ensure their integration with the industrial zones.
This came at the first meeting of SCZone board of directors for the FY 2023-2024, under the Chairman of the Authority Walid Gamal el Din, to discuss and approve new projects set to be established in the economic zone in multiple industrial sectors targeted for localization till the year 2025.
The meeting was attended by ministers of planning, international cooperation, transport, trade and industry alongside governors of Port Said and Suez, as well as other officials.
The SCZone head reviewed the financial status of the authority and said that the increase of revenues is a result of boosting the underway infrastructure projects and facilities.
The meeting approved the promotional and investment strategy of the SCZone for the upcoming period.
It, also, tackled promotional efforts carried out in the year 2022-2023, which entailed signing contracts in the industrial zones and ports worth dlrs 3.57 billion for 60 projects.
The SCZone board, meanwhile, gave the green light to increase the capital of National Egyptian Railway Industries Company (NERIC) to EGP 680 million, up from EGP 340 million.
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