Wedoany.com Report-Oct. 25, The Suez Canal Authority (SCA) has entered into a strategic partnership with Anchorage Investments to develop a petrochemicals complex in Ain Sokhna, Egypt, located northwest of the Gulf of Suez in the Suez Canal Economic Zone (SCZone). The agreement, signed with an initial investment of $2 billion for the first phase, aims to enhance the utilization of the Suez Canal’s assets and diversify revenue sources, contributing significantly to Egypt’s economic growth.

The project is expected to generate over 2,500 direct and indirect job opportunities, boosting local employment. It will also increase Egypt’s foreign currency earnings by producing high-value industrial products for both domestic use and export markets. The initiative aligns with efforts to strengthen collaboration with the private sector, fostering an advanced industrial foundation equipped with cutting-edge global technologies to support sustainable economic development.

Adm. Ossama Rabiee, Chairman and Managing Director of the SCA, attended the signing ceremony for the partnership, which involves constructing a major petrochemical facility on SCA-owned land in Ain Sokhna. The complex’s first phase will focus on producing polypropylene (PP) from raw propane, with hydrogen as a secondary product. The facility is designed to maximize the use of local resources, enhancing the production of industrial goods with significant added value.

“This partnership reflects our commitment to leveraging the Suez Canal’s strategic assets for economic progress,” said Adm. Ossama Rabiee. “By collaborating with Anchorage Investments, we aim to create a sustainable industrial hub that drives growth and opportunity in Egypt.”

In its second phase, the complex is planned to expand with an additional investment of $4.5 billion, introducing new petrochemical products and complementary industrial units focused on exports and sustainability. This expansion will further strengthen Egypt’s position in global markets, supporting the nation’s goal of building a robust industrial base that prioritizes innovation and environmental responsibility.

The petrochemicals complex is a key component of Egypt’s broader strategy to enhance its industrial capabilities while promoting sustainable practices. By producing high-demand materials like polypropylene, the project meets both local and international market needs, reducing reliance on imports and bolstering export potential. The focus on sustainability ensures that the complex aligns with global standards for environmentally conscious production.

This initiative underscores the SCA’s role in driving economic diversification through strategic partnerships. The collaboration with Anchorage Investments not only supports job creation and foreign currency inflows but also positions Ain Sokhna as a hub for advanced industrial activity. As the project progresses, it is expected to contribute to long-term economic stability, fostering growth in the SCZone and reinforcing Egypt’s standing in the global petrochemicals industry.