China’s Xinxing Ductile Iron Pipe Company plans to invest US$2 billion in Egypt’s Suez Canal Economic Zone (SCZONE) to build a plant to produce cast iron pipes and steel products.
A press statement released by the Suez TEDA Economic and Trade Cooperation Zone and the Egyptian Cabinet said the plant will be built within TEDA Suez (China-Egypt TEDA Suez Economic and Trade Cooperation Zone) on an area of 1.7 million square meters. which is located in Ain Suez, within Henner’s SCZONE.
The iron production plant will be built in the first stage with a total investment of US$150 million. The statement noted that the plant covers an area of 250,000 square meters, has an annual production capacity of 250,000 tons, an annual production value of approximately US$1.2 billion and employs 616 people.
A steel products manufacturing plant will be built in the second phase, with a total investment of approximately US$1.8 billion. The export-oriented project covers an area of 1.45 million square meters, has an annual production capacity of 2 million tons, employs 1,500 people, and has an annual production value of about 1.4 billion US dollars.
TEDA Suez was developed under the Belt and Road Initiative and is located in the Suez Canal Economic Zone (SCZone). It is a joint venture financed by Tianjin TEDA Investment Holding Co., Ltd. and China Investment Company. African Development Fund.
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Post time: Nov-15-2023
