Arab Finance: The Suez Canal Authority (SCA) has signed a strategic partnership agreement with Anchorage Investments to establish a large-scale petrochemical industrial complex in Ain Sokhna, as per a statement.
The project marks a key step in implementing Egypt’s strategy to strengthen cooperation between the public and private sectors and to build a modern industrial base equipped with advanced global technologies.
It also aims to enhance the country’s economic diversification, maximize the use of local resources, and produce high-value industrial products.
The first phase of the complex will focus on producing polypropylene (PP) from propane, with hydrogen generated as a byproduct, involving investments exceeding $2 billion.
The second phase will expand production to include additional petrochemical products and complementary industrial units focused on exports and sustainability, bringing total investments to around $4.5 billion.
The project is expected to create more than 2,500 direct and indirect job opportunities upon completion and will include specialized training programs in occupational health and safety to enhance the skills and efficiency of the local workforce.
Chairman of the SCA Osama Rabie emphasized the authority’s commitment to fostering partnerships with the private sector to leverage expertise and channel investments toward major industrial projects that contribute to economic growth and generate hard currency revenues.
He added that developing the petrochemical complex on the Authority’s land aligns with its strategy to diversify activities, make better use of its assets, and strengthen Egypt’s export capacity by reducing petrochemical imports and boosting foreign exchange inflows.
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