Arab Finance: Egypt’s Ministry of Industry and China's Linglong Tire Group have signed a memorandum of understanding (MoU) to establish an integrated industrial complex with expected investments of around $2 billion, as per a statement.

Minister of Industry Khaled Hashem and Linglong Group Vice Chairman Wang Lin signed the MoU in the presence of Prime Minister Mostafa Madbouly.

The planned complex will manufacture tires for passenger cars, buses, and equipment, as well as conveyor belts. It will also include feeder industries and production inputs such as carbon black and steel wire, supporting the development of an integrated local value chain.

The project is expected to create more than 5,000 jobs while supporting the transfer of technology and expertise, the development of local skills and capabilities, and greater integration among tire-related industries.

Production will be directed toward meeting demand in the Egyptian market and exporting to Europe and the Americas, with the project intended to increase local added value and strengthen Egyptian products’ access to international markets.

The complex forms part of the Ministry of Industry’s strategy to localize complementary and feeder industries, deepen domestic manufacturing, and complete supply chains, particularly across the automotive sector and related industries.

The ministry expects these efforts to increase the share of locally manufactured components, reduce dependence on imports, and support higher production and exports as Egypt seeks to strengthen its role as a regional automotive and auto-component manufacturing hub.