Arab Finance: Nile Recycling Company and Main Development Company (MDC) signed a contract for a new polyethylene terephthalate (PET) recycling project, as per a statement.

The signing was witnessed by the Chairman of the General Authority of the Suez Canal Economic Zone (SCZone) Waleid Gamal El-Dien.

Set to be established in the Sokhna Industrial Zone, the project aims to recycle PET bottles into recycled food-grade plastic (rPET).

The project will cover 12,000 square meters and initially involve investments of $20 million, creating 500 job opportunities.

Production is expected to begin in the first half (H1) of 2025, with a targeted recycling capacity of 22,000 tons per year.

The project is expected to significantly reduce carbon emissions by 40,000 tons annually, as recycled plastic will be used in manufacturing packaging such as bottles and food containers. Additionally, the project is set to export products abroad.

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