Egypt's Prime Minister Mostafa Madbouly has overseen the formal handover of the Suez Canal Economic Zone's leadership from Waleid Gamal El-Din to Mostafa Sheikhoun, marking a new phase for the strategic logistics and industrial hub.
Egypt's Prime Minister Mostafa Madbouly has presided over the leadership transition at the Suez Canal Economic Zone (SCZONE), as Mostafa Sheikhoun formally succeeded Waleid Gamal El-Din as chairperson. The handover follows a presidential decree by President Abdel Fattah el-Sisi appointing Sheikhoun to the role, underlining the government's focus on continuity and further development of the zone.
During the meeting, Madbouly expressed appreciation for Gamal El-Din's tenure, highlighting his contributions to positioning SCZONE as a preferred destination for global investment and a hub for industrial and logistics activities. The prime minister noted the zone's upgraded infrastructure, reliable utilities, and access to skilled labour as key factors in its appeal to international investors.
Strategic Priorities for the New Leadership
Madbouly called on Sheikhoun to build on the progress achieved since the zone's establishment, emphasizing the importance of attracting major logistics companies and strengthening SCZONE's integration into global supply chains. He pointed to the zone's strategic location connecting Asia, Africa, and Europe as a competitive advantage for Egypt's ambitions in trade and industry.
Sheikhoun, in his remarks, described the handover as evidence of the state's commitment to institutional continuity. He pledged to advance SCZONE's role as a global investment destination, working with investors, industrial developers, and port operators to expand industrial localization, technology transfer, and export capacity. Sheikhoun also highlighted plans to create new employment opportunities for young Egyptians across multiple sectors.
Achievements and Outlook
Outgoing chairperson Gamal El-Din reflected on his tenure, which began in 2020 and included roles as executive director, vice-chairperson for investment and promotion, and chairperson since August 2022. He cited the signing of agreements for numerous projects across SCZONE's industrial zones and seaports, with total investments reaching approximately $16.4 billion. These projects are expected to generate over 145,000 direct jobs upon completion, with 21.3 million square metres of land allocated to investment initiatives.
Gamal El-Din thanked President el-Sisi and Prime Minister Madbouly for their support, noting that SCZONE had advanced Egypt's ambitions despite global challenges. He wished continued success to the new leadership, staff, and partners of the zone.
What to Watch Next
The leadership transition signals a renewed push to attract investment and expand SCZONE's role in regional and global trade. Observers will be watching for new project announcements, further integration with international supply chains, and progress on employment and industrial development targets under Sheikhoun's leadership.
