China's XinFeng to develop $1.65B integrated industrial complex in Egypt
Updated 12/17/2024 10:12:00 AM
Arab Finance: Chinese steel giant XinFeng is planning to establish a $1.65 billion integrated industrial complex within the Sokhna Industrial Zone affiliated to the General Authority for the Suez Canal Economic Zone (SCZONE), according to a statement by the Ministry of Trade and Transport.
The complex will encompass nine factories spanning an area of 3.75 million square meters.
The project is expected to be completed within five years over two phases, with the first phase including four factories focused on producing automotive brake disc and home appliance components, standard fasteners (bolts and nuts), and hot-rolled steel coils.
Meanwhile, the second phase will expand operations with the addition of five facilities specializing in manufacturing automotive components from aluminum and magnesium alloys, steel structure equipment, automotive drum brake parts, construction machinery components, and cold-rolled steel coils.
Kamel El-Wazir, Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, reviewed the strategic project with XinFeng Egypt’s Chairman Tian Haikui.
Moreover, El-Wazir noted that the industrial complex will provide 8,000 new job opportunities, adding that this development aligns with the presidential directives to transform Egypt into a regional industrial center and enhance cooperation with the international and local private sectors.
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