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Suez Canal Economic Zone Attracts 127 Projects Worth $2.8 Billion in 9 Months

Egyptian Prime Minister Mostafa Madbouly meets with head of the Suez Canal Economic Zone Walid Gamal El-Din. (Asharq Al-Awsat)
Egyptian Prime Minister Mostafa Madbouly meets with head of the Suez Canal Economic Zone Walid Gamal El-Din. (Asharq Al-Awsat)
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Suez Canal Economic Zone Attracts 127 Projects Worth $2.8 Billion in 9 Months

Egyptian Prime Minister Mostafa Madbouly meets with head of the Suez Canal Economic Zone Walid Gamal El-Din. (Asharq Al-Awsat)
Egyptian Prime Minister Mostafa Madbouly meets with head of the Suez Canal Economic Zone Walid Gamal El-Din. (Asharq Al-Awsat)

Chairman of the Suez Canal Economic Zone (SCZONE) Walid Gamal El-Din said that 127 projects worth around $2.8 billion were secured during the period between July 1, 2023 and March 21, 2024.

He added that 61 projects received final approvals, with a foreign investment rate of 49 percent, while 66 projects have been granted initial approval during the same period, with foreign investments accounting for 39% of the total.

The completion of these projects is expected to generate over 22,000 direct and indirect job opportunities, Gamal El-Din underlined, noting that from January 2024 to the present, 37 diverse projects have been contracted at an investment cost of $894 million.

The chairman unveiled these figures in a statement following a meeting with Egypt’s Prime Minister Mostafa Madbouly.

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GASTAT: Saudi Industrial Production Index Increases by 3.4% in November 2024

GASTAT publishes the IPI monthly. SPA
GASTAT publishes the IPI monthly. SPA
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GASTAT: Saudi Industrial Production Index Increases by 3.4% in November 2024

GASTAT publishes the IPI monthly. SPA
GASTAT publishes the IPI monthly. SPA

Saudi Arabia’s General Authority for Statistics (GASTAT) said Thursday that the Industrial Production Index (IPI) statistics for November 2024 showed a 3.4% increase compared to the same month of the previous year.

This increase is driven by growth in mining and quarrying, manufacturing, water supply, sewerage, and waste management and remediation activities, GASTAT said.

Furthermore, the sub-index of mining and quarrying activity increased by 1.2%, and the sub-index of manufacturing activity increased by 7.2%.

The sub-index of electricity, gas, steam, and air conditioning supply activity recorded a decrease of 2.1%, and the sub-index of water supply, sewerage and waste management and remediation activities increased by 10.5%.

The IPI by main economic activities increased by 3.8% compared to the same month of the previous year, while the index of non-oil activities also increased by 2.4%.

GASTAT publishes the IPI monthly. It is an economic indicator that reflects the relative changes in the volume of industrial output. It is calculated based on the industrial production survey.