Egypt: SCZone chairman lays foundation stone for $1.65bln Chinese Xinfeng's steel complex in Sokhna
Arab Finance: The General Authority for the Suez Canal Economic Zone's (SCZone) Chairman Waleid Gamal El-Dein has laid the foundation stone of Chinese Xinfeng's integrated industrial steel complex in Sokhna, with total investments of $1.65 billion, as per a statement.
The project spans 3.75 million square meters and includes nine factories across two phases, in addition to two service centers: one for research and development (R&D) and the other for solid waste recycling.
The initial phase comprises four factories producing automotive brake disc components, home appliance components, standard fasteners, and hot-rolled steel coils.
The second phase includes five more factories focused on automotive aluminum-magnesium parts, steel structures, brake drums, construction machinery components, and cold-rolled steel coils.
Gamal El-Dein said the project offers over 8,000 direct jobs and supports the localization of the automotive and home appliance industries.
He added that the complex reflects investor confidence in the business climate and highlights the zone's strategic location, infrastructure upgrades, access to energy, and skilled labor.
He also noted that around 140 factories are currently under construction in the SCZone.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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