9,612.84 TRY BIST 100 BIST 100
37.83 USD USD USD
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40.78 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
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3,761.14 TRY Gold (gr) Gold (gr)
9,612.84 TRY BIST 100 BIST 100
37.83 USD USD USD
5.24 CNY CNY CNY
40.78 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
45.53 TRY Interest Interest
73.74 USD Fossil Oil Fossil Oil
34.28 USD Silver Silver
5.09 USD Copper Copper
103.77 USD Iron Ore Iron Ore
356.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,761.14 TRY Gold (gr) Gold (gr)
9,612.84 TRY BIST 100 BIST 100
37.83 USD USD USD
5.24 CNY CNY CNY
40.78 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
45.53 TRY Interest Interest
73.74 USD Fossil Oil Fossil Oil
34.28 USD Silver Silver
5.09 USD Copper Copper
103.77 USD Iron Ore Iron Ore
356.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,761.14 TRY Gold (gr) Gold (gr)

China's Xinfeng Steel to build a large production complex in Egypt's Suez Canal Economic Zone

China's Xinfeng Steel has taken a significant step toward establishing a large production complex in Egypt's Suez Canal Economic Zone (SCZone). On March 25, an agreement was signed with the Egyptian government to invest USD 16.5 billion and develop a 375,000-square-meter production center.

China's Xinfeng Steel to build a large production complex in Egypt's Suez Canal Economic Zone

According to the agreement, Xinfeng Egypt will build the complex in the SCZone's Ain Sokhna Integrated Zone, covering 3.75 million square meters, with an investment of USD 1.65 billion.

The signing ceremony, attended by Egyptian Prime Minister Mostafa Madbouly, Deputy Prime Minister and Minister of Transport and Industry Kamel al-Wazir, SCZone General Authority Chairman Waleid Gamal El-Dein, and other Egyptian officials, highlighted the project's significance.

The project is set to be completed in two phases and will be operational within five years. The first phase includes the establishment of factories to produce automotive parts, metal components for household appliances, and standard fasteners. This phase is expected to be completed in 2027, with a hot-rolled steel coil mill being commissioned as part of the first phase.

The second phase will involve the construction of five new factories and two service centers. These factories will produce products such as machine components, brake discs, steel structures, and aluminum alloy automotive parts. The cold-rolled steel coil plant will also become operational in this phase.

Stimulating export growth

Tian Haikui, Chairman of Xinfeng Steel (Egypt), emphasized that the production complex will significantly boost Egypt's industrial competitiveness and create substantial local employment. The complex will focus on high-value-added industries, including automobiles, construction machinery, household appliances, and is expected to stimulate export growth in line with Egypt's Vision 2030. This massive investment will provide a considerable boost not only to the local economy but also to the development of the Suez Canal Economic Zone.

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