On October 22, 2025, the Suez Canal Authority (SCA) signed a strategic partnership contract with Anchorage Investments to establish a large petrochemicals complex in Ain Sokhna, northwest of the Gulf of Suez within the Suez Canal Economic Zone, SCA said in a statement.
The project represents the first phase of the Anchor Benitoite complex, with investments exceeding $2 billion. It will produce polypropylene from raw propane and hydrogen as a secondary product.
The second phase will expand production to include additional petrochemical products and complementary industrial units focused on exports and sustainability, bringing the total estimated investment to $4.5 billion.
The project aims to maximize the use of the Authority’s assets as part of its strategy to diversify income streams, increase Egypt’s foreign currency revenues, and create more than 2,500 direct and indirect job opportunities.
The Suez Canal Authority is a public entity owned by the Arab Republic of Egypt, responsible for the operation, maintenance, and development of the Suez Canal. Established in 1956 following Egypt’s nationalization of the canal, the Authority manages canal revenues, oversees expansion projects, and regulates maritime traffic through one of the world’s key shipping routes linking the Mediterranean and the Red Sea.
Anchorage Investments is an Egypt-based private industrial investment and development company. It focuses on projects in the fields of petrochemicals, chemicals, and mining, with a strategy centered on export-oriented production and alignment with sustainability goals. The company was founded by Dr. Ahmed Moharram and has been involved in large-scale industrial developments within Egypt’s economic zones.