Indian Pearl Group Signs EGP 100 Mln Polyurethane Project in SokhnaSource: www.export-egypt.com 10/30/2024, Location: Africa |
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Chairman of the General Authority for the Suez Canal Economic Zone (SCZone) Walid Gamal El-Din witnessed the signing of a contract for Indian Pearl Group’s polyurethane production project, valued at EGP 100 million in the Sokhna industrial area, SCZone Authority announced.
Walid Youssef, the managing director of the Main Development Company (MDC), and Martin Krowczyn, the manager of Pearl Polyurethane North Africa, signed the contract. The project, covering 5,000 square metres, will be located within the MDC's scope in the ready-made factories area. It is expected that the project will create approximately 45 job opportunities. Production is set to commence in the first quarter of 2025, with a targeted capacity of 20,000 tons of polyurethane. Pearl Group offers polyurethane (PU) insulation solutions and various applications utilizing polyurethane, including thermal insulation and coatings for structural elements. With over 35 years of experience in Middle East markets, the company invests in Saudi Arabia, the UAE, and India. The group established its project in the SCZone, viewing it as a critical platform for exporting to neighbouring countries. El-Din also confirmed that the economic zone aims to create integrated industrial complexes through its targeted sectors to support global supply chains. He noted that recent events have underscored the need to diversify production locations and their proximity to consumer markets, particularly in areas with available trained labour and competitive energy prices, such as the SCZone. He emphasized that the polyurethane industry is a vital sector that supplies various products and industries needed in local and regional markets. In 2023, SCZone signed five framework agreements to initiate projects valued at around $250 million. Additionally, SCZone signed nine agreements for six projects with Chinese investors, worth more than $1.067 billion in September. In related news, SCZone announced in July that its revenues for FY2023/2024 reached EGP 8.25 billion, marking a 36 percent increase compared to FY2022/2023. |
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