A groundbreaking ceremony was held for the integrated steel industrial complex of the China-based Xinfeng company in the Sokhna compound of the Suez Canal Economic Zone (SCZone). With an investment value of USD 1.65 billion, the project will be located on an area of 3.75 million square meters and will include a total of nine production facilities and two service centers (R&D and recycling) in two phases.
The first phase of the project will include four plants that will produce automotive disc brake parts, home appliance components, standard fasteners and hot-rolled steel coils. In the second phase, five new plants are planned to produce aluminum-magnesium alloy parts for automotive, steel construction equipment, brake drums, construction machinery parts and cold-rolled steel coils.
SCZone President Walid Gamal El-Dein stated that the project will create more than 8,000 direct jobs and contribute significantly to localization targets in the automotive and home appliances sectors. He also emphasized that the investment is a concrete demonstration of confidence in the business environment and infrastructure in the region.
The ceremony was attended by senior representatives of the Chinese Embassy and Xinfeng, as well as a large number of officials. El-Dein stated that there are currently around 140 factories under construction in the SCZone, adding that such projects play a critical role in strengthening Egypt's position in the global supply chain.
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