Xingxing to build two $1.08B factories in the SCZONE



Wed, 25 Oct 2023 - 04:37 GMT


Wed, 25 Oct 2023 - 04:37 GMT

Cairo – October 25, 2023: Xinxing Cathay International Group to invest $1.08 billion in two factories in the Suez Canal Economic Zone (SCZone), Xinxing head Jia Shirui said during a meeting with Prime Minister Mostafa Madbouly and SCZone head Walid Gamal El Din.

Xinxing is looking to invest $147 million into the establishment of a factory producing cast iron pipes with an annual production target of 250,000 pipes per year. Nearly 80% of the products will be exported, with the remaining allocated to the local market.

The Chinese firm will invest $930 million into the development of the steel factory with an annual production capacity of 700,000 tons of hot-rolled coils and 300,000 tons of hot-rolled sheets, with around 80% of these products to be exported. The company originally planned to spend $1.8 billion on the project.

Madbouly stated that during his meeting with Chinese President Xi Jinping during the Belt and Road Forum they discussed ways to increase the volume of Chinese investments in Egypt.

Earlier this month, The Suez Canal Economic Zone (SCZONE) signed agreement with the Chinese Hengtong to expand its factory and produce two million kilometres of optic cables annually with investments of $18 million. Through this agreement, an area of 21,000 square meters will be added to Hengtong’s factory in the Sokhna Industrial Zone.



Leave a Comment

Be Social