24 Japanese Companies Interested in Investing in Egypt's SCZone

Suez Canal Economic Zone (SCZone) chairperson Walid Gamaleddine with the Japanese delegation (Asharq Al-Awsat)
Suez Canal Economic Zone (SCZone) chairperson Walid Gamaleddine with the Japanese delegation (Asharq Al-Awsat)
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24 Japanese Companies Interested in Investing in Egypt's SCZone

Suez Canal Economic Zone (SCZone) chairperson Walid Gamaleddine with the Japanese delegation (Asharq Al-Awsat)
Suez Canal Economic Zone (SCZone) chairperson Walid Gamaleddine with the Japanese delegation (Asharq Al-Awsat)

A total of 24 companies and institutions visited the Suez Canal Economic Zone (SCZone) to explore renewable energy investment opportunities in various fields, such as engineering industries, facilities, financial services, maritime transport, consulting, and some governmental organizations.

The SCZone met with a business delegation of Japanese companies working in renewable energy, green fuels, and various other industries.

SCZone chairperson Walid Gamaleddine received the delegation led by the Japanese External Trade Organization (JETRO).

The meeting was attended by representatives of the Egypt-Japanese Business Council, Japan's New Energy and Industrial Technology Development Organization (NEDO), the Japanese International Cooperation Agency (JICA), and the Japanese ambassador in Cairo.

The meeting explored cooperation between JETRO and SCZONE. It also addressed ways to enhance investment in the industrial sectors targeted by SCZONE within its ports and regions and attract Japanese investments.

They discussed cooperation in green energy projects between the two sides and supporting small enterprises and startups.

Executive Vice President of JETRO Kazuya Nakajo explained that Egypt has all the elements to promote the green transition, with its renewable energy sources of solar and wind energy and its infrastructure.

Representatives of Arab Energy, Global Africa, Mediterranean Energy Partners, SCATEC, Maersk, BP, Fortescue, Zero West, ACWA Power, Total Erin Alliance, Enara Group, and the Indian company Okure Energy gave presentations on the projects to be established within the SCZONE, investment volume, production capacity, job opportunities, and some other technical details.

After the meeting, the delegation visited the Egypt Hydrogen Factory, the first project in Africa to produce green fuel, which was inaugurated during the COP27 in Egypt in November 2022.

They also headed to Sokhna Port to inspect the work on the new berths in the port.



Construction Begins on ‘Banan City’ Project in Riyadh

Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
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Construction Begins on ‘Banan City’ Project in Riyadh

Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)
Engineers oversee construction work at “Banan City” Project in northern Riyadh (Asharq Al-Awsat)

Saudi Talaat Moustafa Group announced on Saturday that construction work has commenced on the “Banan City” Project in Riyadh’s northeastern Al-Fursan suburb.
The company stated that operations are underway around the clock, adhering to construction schedules and plans. Heavy and operational equipment are fully deployed to deliver units to owners sequentially.
Banan City is set to be a smart city spanning 10 million square meters in northeastern Riyadh.
It aims to offer an unprecedented quality of life to over 120,000 residents within a gated community. The development will integrate cutting-edge smart city technologies with residential privacy and the latest sustainability standards.
In May, the National Housing Company and Saudi Talaat Moustafa Group laid the foundation for “Banan City” and began accepting reservations.
On July 9, the group disclosed to the Egyptian stock exchange that “Banan City,” described as a sustainable city, has achieved unprecedented sales since its launch in May, surpassing the first-year sales target in just two months.
Hesham Talaat Moustafa, Chairman of Saudi Talaat Moustafa Group, projected the project’s revenue at around 40 billion Saudi riyals ($12 billion), with a total investment cost estimated at 31.4 billion riyals.