Egypt: Anchorage Investments allocates $2.5 Billion for petrochemical project development in SCZONE

Anchorage Investments, spearheaded by founder and Managing Director Ahmed Moharram, is embarking on a significant project within the Suez Canal Economic Zone (SCZONE), touted as one of the largest in the affiliated industrial sector.

The endeavor, dubbed "Anchorage Benitoite," will see the construction of an industrial complex committed to producing a variety of derivatives and petrochemical products, backed by an investment totaling $2.5 billion.

This substantial project strives to bolster GDP growth, amplify foreign direct investments, and fortify Egypt's petrochemical sector.

Moharram extolled the virtues of SCZONE, highlighting the plethora of investment benefits and merits that establish it as a universal hub for industrial, economic, and logistical activities. He anticipates the augmentation of the SCZONE will elevate Egypt's economic growth trajectory, complementing ongoing projects in renewable energy and green hydrogen.

In Moharram's view, SCZONE is not merely a gateway to economic advancement but also a fundamental pillar of development, attributed to its enormous investment and industrial ventures.

He elaborated on SCZONE's many competitive strengths, such as its strategically pivotal location, which provides accessibility to six ports and two international airports. Moharram underscored investment incentives, including the elimination of customs and value-added taxes for imports from both local and international markets to the SCZONE, coupled with the opportunity to procure the golden license for strategic projects, availing facilities from the new investment law and one-stop-shop services. Furthermore, he stressed that the SCZONE has a comprehensive infrastructure, encompassing stations, logistics services, storage and distribution centers, and dry ports.

Moharram emphasized that the Suez Canal, a global trade conduit connecting Europe and Asia and accommodating approximately 20-30% of the world's container traffic, is being leveraged by the Egyptian state through a strategic plan. This plan involves the establishment of the SCZONE over a sprawling 455 km area, intending to foster an efficient, competitive, and eco-friendly business milieu, create employment opportunities, evolve a global maritime transport and logistics center, and establish an industrial hub, thus acting as a commercial nexus between the East and West.