TEDA-Egypt inks $9.5M land allocation contracts with 2 Chinese firms

Updated 5/19/2024 7:21:00 AM

Arab Finance: The industrial developer TEDA-Egypt has signed two land allocation contracts with Chinese companies, as per a statement.

The first contract was inked with Chinese Shengyuan Construction Engineering Company Limited for a $4 million project on a 15,860-square-meter (sqm) land.

The second one was signed with Xinjin Textile Printing and Dyeing Products Company for setting up a project on 20,000 sqm, with $5.5 million in investments.

The contracts signing was witnessed by Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE) Waleid Gamal El-Dien and Vice Mayor of Tianjin Municipal People’s Government Xie Yuan.

Both officials also witnessed the unveiling of Kemedi Chemical Company’s $17.2 million project spanning 59,000 sqm.

This is in addition to the unveiling of Jasmine Industrial Investment’s project on an area of 20,000 sqm, with a total investment of $1.9 million, as well as Tiger King Tools’ $1.9 million project on 20,000 sqm.

Accompanied with a high-level delegation, Xie Yuan embarked on a tour encompassing visits to the Jushi Factory and the Yanjiang Factory in the Sokhna industrial zone.

The delegation also visited Sokhna Port to check on key development works aimed at elevating the port’s status as pivotal along the Red Sea.

Gamal El-Dien revealed plans to bring the number of Chinese companies operating in the SCZONE to 1,000 by 2030.

In the past two years, the zone succeeded in attracting 128 projects worth $6 billion, of which Chinese investments make up 40%, Gamal El-Din revealed.