Arab Finance: The General Authority for Suez Canal Economic Zone (SCZONE) has inked a usufruct agreement with China’s iron manufacturer Wu’an Xin Feng to set up a factory for hot rolled iron in Ain Sokhna, with total investments of up $297 million, a statement showed.

Under the agreement, Wu’an Xin Feng will use a 750,000-square-meter land plot in Ain Sokhna to establish the factory.

The project targets creating 1,200 job opportunities and exporting 70% of production abroad.

It is worth noting that the Chinese investments in the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain Sokhna have reached $2 billion to date, with 150 firms operating in several industrial and logistics sectors, SCZONE’s CEO Waleid Gamal Eldien said.

On April 19^th, the SCZONE signed 14 agreements with major Chinese firms to set up several projects in Egypt, in partnership with the private sector.

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