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The Chinese-funded firm Xinfeng Egypt has just signed a land use agreement with Egypt’s General Authority of the Suez Canal Economic Zone (SCZone). This agreement that was signed on Tuesday is set to enable Xinfeng Egypt build Egypt’s Xinfeng Integrated Metallurgical Complex. Also, under the agreement that was signed, Xinfeng Egypt will invest a whooping $1.65 billion to construct a manufacturing complex. Additionally, the manufacturing complex will cover a total area of 3.75 million square meters. Furthermore, the manufacturing complex will be set up in the SCZone’s Ain Sokhna Integrated Zone. This information was revealed by the Egyptian cabinet in a statement. Project Factsheet Project overview: Chinese-funded enterprise XinFeng Egypt is establishing a large-scale industrial complex. The complex will be located in the Ain Sokhna Integrated Zone within Egypt’s Suez Canal Economic Zone (SCZone). The project aims to boost Egypt’s industrial capabilities and strengthen economic ties between Egypt and China. Investment: The project represents a $1.65 billion U.S. dollar investment. Location: Ain Sokhna Integrated Zone, Suez Canal Economic Zone (SCZone), Egypt. Size: The complex will cover 3.75 million square meters. Development: The project will be completed in two phases over five years. Production: The complex will include nine factories. Production will focus on: Automobile and transportation parts. Industrial standard parts (e.g., bolts and nuts). Industrial non-standard parts. Hot and cold rolled steel coils. Components for home appliances. Components made from aluminium and magnesium alloys. Steel structure equipment. Construction machinery components. Additional facilities: Solid waste treatment workshop. Research and Development (R&D) and training center. Job creation: The project is expected to create approximately 8,000 direct jobs. Overall goals: Enhance the competitiveness of Egypt’s manufacturing industry. Promote export growth. Also, the project aligns with Egypt’s “Vision 2030” goals. Contractor: Sinosteel International Engineering & Technology has been appointed as the general contractor for the project. Export: It is planned that 70% of the new plants output will be exported. |
