Suez Canal Economic Zone Reports Significant Increase in Revenue and Net Profits, Emphasizing Sustainable Development

The Suez Canal Economic Zone reported revenues of 5.3 billion pounds by the end of February 2024, marking a significant increase of 54% compared to the previous fiscal year. This growth is remarkable given that the total revenues for the previous fiscal year until February 2023 were only 3.45 billion pounds. During a quarterly meeting held by the region’s Board of Directors, Walid Gamal El-Din, Chairman of the Authority, presented the financial situation and highlighted the region’s net profits of 3.74 billion pounds as of February 2024. This represents an impressive increase of 57% compared to the profits announced in February 2023 which stood at 2.38 billion pounds.

The meeting also covered important topics related to the region’s development and future plans. The Suez Canal Economic Zone plays a vital role in promoting economic growth and attracting investments to the area. With a focus on sustainable development and innovation, the Authority aims to further enhance its operations and contribute to the overall success of the region.

The continued growth and profitability of the Suez Canal Economic Zone demonstrate its strong performance and contribution to the economy. The authority is committed to ensuring that it remains competitive in terms of infrastructure development, services provided, and overall efficiency.

As part of its efforts to promote economic growth and attract investments, the Suez Canal Economic Zone has implemented several initiatives aimed at enhancing its operations and contributing to sustainable development in the region. These initiatives include investment in new infrastructure, expansion of services provided, and promotion of green energy solutions.

Overall, Walid Gamal El-Din emphasized that while revenue growth is important, it is not just about making money but also about contributing positively to society and promoting sustainable development in Egypt.

The Suez Canal Economic Zone’s financial updates during this quarterly meeting have shown positive signs for investors interested in investing in this growing economic zone. As Walid Gamal El-Din emphasizes sustainability in all aspects of business operations while promoting economic growth