The General Authority for the Suez Canal Economic Zone (SCZONE) is trialling a new set of digital services for investors. The new features include reception, consultation, and qualification and project approval services. The initiative is part of SCZONE’s digital transformation plan.
The first phase of the digitalisation drive includes creating a one-stop shop for investors, where they can issue licences through a notification system and conduct annual follow-ups. Future versions of the platform could include issuing operating licences through a pre-approval system and releasing temporary licences through the notification system.
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Waleid Gamal El-Dien, SCZONE chairman, said: “This step is designed to facilitate procedures for investors and provide more efficient and transparent services, thereby enhancing the investment climate with SCZONE.”
The initiative is supported by the European Bank for Reconstruction and Development (EBRD). The bank’s southern and eastern Mediterranean managing director Mark Davis said the initiative would “revitalise the investment ecosystem, drive economic growth and create jobs”, which would lead to a “prosperous environment for attracting foreign direct investment in Egypt”.
The initiative includes daily workshops for SCZONE staff in order to help them serve interested investors.
In January, Kuwaiti supply chain company Agility Logistics announced $60m (Kd18.5m) of investments to create a new logistics and customs facility in SCZONE.
“Agility’s Transfora business is partnering with the EBRD to launch a secure new digital gateway and one-stop shop to serve SCZONE’s investors,” Agility vice-chairman Tarek Sultan said.
The Suez Canal’s traffic has experienced a slowdown since 2023 when Yemen’s Houthi rebels started carrying out attacks with the stated objective of creating pressure to halt Israel’s military operations in Gaza following Hamas’ attack on 7 October.
In a press briefing in late 2024, Egypt’s Foreign Minister, Badr Abdelatty, said revenue from the Suez Canal had plummeted by 60%.
