Arab Finance: China-based Xinxing Ductile Iron Pipe Company inked four agreements at a combined value of EGP 34.5 billion for regional projects in Egypt and abroad, according to an official statement.

Prime Minister Mostafa Madbouly witnessed the signing ceremony during the inauguration of Xinxing’s ductile iron pipe factory within the China-Egypt TEDA zone in Ain Sokhna.

The total cost of the contracts is divided into EGP 32.5 billion for national projects within Egypt, while the remaining $39 million is allocated for export.

Xinxing’s CEO Ye Maolin penned the four deals, which cover a total production volume of ductile pipes of various diameters and specifications exceeding 77,600 tons.

Mohamed Elwy, Board Member of the Arab Contractors Company, inked the first agreement to supply 1,056 tons of ductile iron pipes for a water station project in the New Administrative Capital (NAC).

The second contract was signed by Hesham Madkour, Executive Vice President at Madkour Group, and includes the supply of 27,769 tons of pipes for the Ministry of Housing's Janna project.

Meanwhile, the third deal was signed by Ahmed Mustafa, Chairman of Hassan Allam Trading and Engineering, and covers the supply of 19,621 tons of ductile pipes for a project in Aswan.

The fourth contract was signed by Ahmed Elabd, Chairman of Concord Engineering and Construction, to supply 29,162 tons for the 3rd Ring Road project in Makkah, Saudi Arabia.

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