Suez: Prime Minister Moustafa Madbouly emphasized the significant contribution of industrial projects to the country's economy. Speaking at a press conference on Thursday, April 23, 2026, following the inauguration of several factories in the Suez Canal Economic Zone, Madbouly said he regularly visits the area every three months to inaugurate and inspect industrial projects. He also extended his greetings to President Abdel Fattah El Sisi, the Egyptian Armed Forces, and the people of Egypt on the occasion of Sinai Liberation Day anniversary.
According to State Information Service Egypt, Madbouly highlighted that nine new factories were inaugurated today, bringing the total number of factories in the zone to over 204, with 173 more under construction. The total investment in these factories exceeds $6.5 billion, creating tens of thousands of job opportunities for Egyptian youth. Madbouly visited a range of projects on Thursday, including those in health, engineering, chemicals, textiles, steel, construction, and the Atico Pharma factory for medical solutions.
He noted that the government has focused on providing the necessary infrastructure to boost the industrial sector in Egypt, with today's inaugurations aimed at reducing import bills. Madbouly stressed that the government is keen to promote the Suez Canal Economic Zone alongside other industrial areas in Egypt, as the industrial sector is key to future economic growth. He also highlighted the confidence that investors from over 28 countries have placed in the region, emphasizing Egypt's success in attracting investments despite ongoing challenges.
On the occasion of Sinai Liberation Day, Madbouly commended the Egyptian military and police for eradicating terrorism in North Sinai, positioning it as a region attracting large-scale projects across various sectors. He reaffirmed continued efforts to support development in Sinai, following the successful anti-terrorism campaigns. Madbouly said the government has a vision to develop both the airport and port of Al Arish, aiming to transform the governorate into a logistics hub serving Egypt and the entire region, making it a driver of development.
Madbouly highlighted the government's comprehensive development efforts, notably the construction of a railway line linking Bir al-Abd to Ras al-Naqb and Taba via Al-Arish. He also pointed to strategic infrastructure networks, including electricity grids and desalination projects. He pointed to the Al Arish desalination plant, which has a capacity of 100,000 cubic meters, covering future needs for the governorate. He added that the government continues to develop road projects and housing for Bedouins displaced by terrorism, stressing the ongoing efforts to implement these large-scale projects.
Madbouly expressed pride in presenting the government's statement to parliament, highlighting the significant challenges Egypt, like other nations, faced amid the ongoing exceptional war and its global repercussions. He underscored that Egypt has proactively taken steps and developed several scenarios to address these challenges. Despite these difficulties, Madbouly affirmed that Egypt's economy continues to grow steadily. He emphasized the country's resilience in managing the crisis, which has led international institutions to commend its efforts.
Madbouly also noted the recent dip in oil prices below $90 per barrel, but warned that recent geopolitical tensions and blockages have caused the price to rise again to $103. The Prime Minister added that Egypt is undertaking unprecedented diplomatic efforts to maintain the ceasefire and is working with international and regional partners to reach an agreement to end the war, which has had a negative impact on the entire world.