According to the agreement, Xinfeng Egypt will build the complex in the SCZone's Ain Sokhna Integrated Zone, covering 3.75 million square meters, with an investment of USD 1.65 billion.
The signing ceremony, attended by Egyptian Prime Minister Mostafa Madbouly, Deputy Prime Minister and Minister of Transport and Industry Kamel al-Wazir, SCZone General Authority Chairman Waleid Gamal El-Dein, and other Egyptian officials, highlighted the project's significance.
The project is set to be completed in two phases and will be operational within five years. The first phase includes the establishment of factories to produce automotive parts, metal components for household appliances, and standard fasteners. This phase is expected to be completed in 2027, with a hot-rolled steel coil mill being commissioned as part of the first phase.
The second phase will involve the construction of five new factories and two service centers. These factories will produce products such as machine components, brake discs, steel structures, and aluminum alloy automotive parts. The cold-rolled steel coil plant will also become operational in this phase.
Stimulating export growth
Tian Haikui, Chairman of Xinfeng Steel (Egypt), emphasized that the production complex will significantly boost Egypt's industrial competitiveness and create substantial local employment. The complex will focus on high-value-added industries, including automobiles, construction machinery, household appliances, and is expected to stimulate export growth in line with Egypt's Vision 2030. This massive investment will provide a considerable boost not only to the local economy but also to the development of the Suez Canal Economic Zone.
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