Suez Canal signs $15.6 billion deal to produce green hydrogen
The Economic Zone of the Suez Canal (ZCZONE) has signed a $15.6 billion agreement with a group of Chinese companies to boost green fuel manufacturing initiatives, according to Seatrade Maritime.
The agreements are set to produce around 9,000 job opportunities and encompass the establishment of 11 projects, according to the SCZONE Chairman Walid Gamal El-Din.
Egypt has been looking to partner with international entities to produce green hydrogen and its derivatives in the Suez Canal Zone.
The Central Bank of Egypt (CBE) reported that for fiscal years 2022 and 2023, the ports affiliated with the division signed seven agreements with a value of $1.34 billion.
Egypt’s total foreign trade revenue amounted to $111.402 billion in the 2022 and 2023 fiscal years, with the UAE, US, China, and Saudi Arabia as the country’s top trading partners.
China, as the country’s third largest trading partner, saw $7.50 billion in trading volume, with $6.60 billion in imports and $904.8 million in exports.
Trade with Saudi Arabia amounted to $6.555 billion, with $4.94 billion in imports and $1.61 billion in exports.
The zone’s revenues hit a record of $196 million in the 2022 and 2023 fiscal years.
Foreign direct investments and Suez Canal activities increased 12.8% in the last fiscal year, amounting to $10 billion during that period, according to the CBE.
