A Chinese consortium has offered to establish a USD 300 mn ironworks in the Suez Canal Economic Zone, the zone said in a statement yesterday. The two companies — state-owned Sinoma and private metals manufacturer Xinfeng — discussed the project yesterday with SCZone CEO Walid Gamal El Din, who is currently in China to meet with local investors and business leaders.

What we know so far:The proposed two-phase complex project will stand across 750k sqm, and it will provide 1.2k jobs. The statement did not disclose the production capacity of the plant, but said that output would initially be directed to the local market rather than exported overseas.

What’s next: The statement said that the SCZone is currently studying the offer, and that the companies will soon visit Egypt to survey the proposed site for the plant.

Remember: Gamal El Din and a SCZone delegation have been in China this week to gin up interest in the zone among local business leaders. This is the latest roadshow in a global tour this year which has seen SCZone representatives travel to Japan, the Netherlands and Vietnam. It plans to head to India next month.

ALSO FROM CHINA-

Producing hydrogen electrolyzers in Egypt: Gamal El Din met with representatives of heavy equipment manufacturer Sany Heavy Industry to discuss setting up a factory to produce electrolyzers, a key component needed to produce hydrogen.

Remember: Egypt wants to capitalize on the growing global interest in green hydrogen as a low-carbon energy source by establishing itself as one of the region’s leading suppliers. The government signed nine framework agreements for green hydrogen plants on the sidelines of last year’s COP27 climate summit which it hopes to soon convert into final investment decisions.

There will soon be a tenth: In a meeting with Walid this week, Energy China said it will sign a framework agreement for its proposed green hydrogen plant within the next two months.

Speaking of which- The Dutch are exploring green hydrogen in Egypt: Dutch government officials and an unnamed green energy company were at the SCZone yesterday to discuss Egypt’s potential as a green hydrogen hub, according to a statement. Gamal El Din visited the Netherlands earlier this month to discuss investment opportunities in the zone.

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