Thursday 31 Oct
Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone Authority, witnessed the signing of a contract for Pearl Group's polyurethane production project in the Ain Sokhna industrial zone. The project, located within the MDC Industrial Developer's ready-made factories area, spans 5,000 square meters. It will involve an initial investment of 100 million Egyptian pounds and create approximately 45 jobs. This marks the beginning of a second phase of investment and job creation in this sector.
Production is expected to
commence in the first quarter of 2025, with a target production capacity of
20,000 tons of polyurethane. The contract was signed by Major General Walid
Youssef, Managing Director of the Main Development Company, and Martin
Kroczina, Director of Pearl Polyurethane North Africa.
Walid Gamal El-Din explained that
the diverse incentives within the economic zone, including direct and indirect
financial incentives, exemptions for exported goods, and the export support
program, coupled with the strategic location and integration between industrial
zones and seaports, create a favorable investment environment. He noted that
these factors are particularly attractive to Pearl Group, as the company aims
to reach markets in African countries and Southern Europe.
El-Din also affirmed the economic
zone's commitment to establishing integrated industrial complexes through its
targeted sectors to support global supply chains. He highlighted the increasing
need to diversify production locations and position them closer to consumer
markets, especially in regions with skilled labor and competitive energy costs,
such as the Suez Canal Economic Zone. He emphasized the importance of the
polyurethane industry, which supplies various industries and products demanded
in local and regional markets.
Pearl Group, with over 35 years of experience in the Middle East markets and investments in Saudi Arabia, the UAE, and India, has chosen the Suez Canal Economic Zone as an export platform for neighboring countries. The company provides polyurethane (PU) insulation solutions and other polyurethane-based applications, such as thermal insulation and coating of structural parts.
