Suez Canal signs a $15.6 Billion deal to Produce Green Hydrogen
The Suez Canal Economic Zone in Egypt has inked a $15.6 billion deal with well-known Chinese corporations to support green fuel production projects. Walid Gamal El-Din, Chairman of SCZONE, says the agreements will result in the creation of 11 projects and almost 9,000 new work opportunities.
This agreement is indicative of Egypt's ongoing efforts over the past few months to collaborate with foreign organisations in order to manufacture green hydrogen and its derivatives in the Suez Canal Zone. The Central Bank of Egypt said that the division's ports inked seven agreements for a combined $1.34 billion for the fiscal years 2022 and 2023.
With the US, China, Saudi Arabia, the UAE, and the US as its top trading partners, Egypt's total foreign trade revenue in the fiscal years 2022 and 2023 was $111.40 billion. This enabled $70.78 billion in imports and $39.64 billion in exports, per a CBE study.
Trade volume was $7.50 billion, with $6.6 billion in imports and $904.8 million in exports to China, the nation's third-largest trading partner. With $4.94 billion in imports and $1.61 billion in exports, trade with Saudi Arabia totaled $6.56 billion. To strengthen Egypt's involvement in the Kingdom's mining and industrial sectors, in line with Vision 2030, Saudi Arabia said in June that it intended to sign two agreements with Egypt.
Saudi Arabia exported more than SR11 billion ($2.9 billion) worth of non-oil to Egypt last year, while the country's imports came to SR10 billion. Food products, heavy machinery, and electronics were among the Kingdom's main imports, while its main exports to Egypt were petrochemicals, building materials, and medicines.