Egypt’s Suez Canal Economic Zone has secured a groundbreaking $15.6 billion deal with leading Chinese firms to bolster the production of green hydrogen and related fuel projects. This strategic collaboration is poised to create approximately 9,000 job opportunities and includes the launch of 11 new initiatives within the Suez Canal Zone. As part of Egypt’s ongoing efforts to partner with international entities in the renewable energy sector, these agreements mark a significant step toward a more sustainable future, promoting clean energy production in the region. In a related development, the Central Bank of Egypt reported that the ports associated with the Suez Canal Zone inked seven agreements worth $1.34 billion during the fiscal years 2022 and 2023, underlining the growing importance of the region in Egypt’s trade landscape.
Egypt’s total foreign trade revenue for the same fiscal years reached an impressive $111.40 billion, with the UAE, the US, China, and Saudi Arabia emerging as the nation’s primary trading partners. These trade partnerships contributed to $70.78 billion in imports and $39.64 billion in exports. Notably, China, as Egypt’s third-largest trading partner, conducted $7.50 billion in trade, comprising $6.6 billion in imports and $904.8 million in exports. Furthermore, trade with Saudi Arabia amounted to $6.56 billion, with $4.94 billion in imports and $1.61 billion in exports. This recent collaboration, along with Egypt’s broader economic initiatives, aims to increase the country’s US dollar liquidity to $191 billion by 2026, with $17 billion of that total expected to come from the Suez Canal. The Suez Canal Zone itself experienced record revenues of $196 million during the 2022 and 2023 fiscal years, demonstrating its growing economic significance, and foreign direct investments in the Suez Canal activities surged by 12.8 percent in the last fiscal year, reaching $10 billion.