More Chinese investments are coming to the SCZone: The Suez Canal Economic Zone (SCZone) and a number of Chinese companies have signed agreements to establish projects worth a combined USD 60 mn in investment – including USD 45 mn worth of textiles projects — in China’s TEDA industrial zone in Ain Sokhna, the zone said yesterday.

Who’s investing:

  • Textile producer Aoxiu Textile is investing USD 25 mn;
  • A firm namedDew Textile Printing and Dyeing will commit USD 20 mn;
  • An undisclosed investor will build a USD 10 mn construction curtain wall project;
  • EV charging stations and switchgears producerKangdewei Electric is committing USD 3.2 mn;
  • Metals and auto parts producer Zaiyuwill invest USD 2 mn.

Details are scarce: The SCZone statement doesn’t provide any details on the projects, their implementation timelines or expected production capacities.

More Chinese investments to roll in soon: The SCZone in May signed initial agreements with a number of Chinese companies that could see more than USD 700 mn invested in projects in TEDA. Those include a USD 265 mn power plant and a USD 100 mn petcoke products factory from Hidier Power Group, a USD 110 mn bromine factory from Shandong Tianyi, and a USD 20 mn clothing factory from Shanghai Shengda.

The results of a successful roadshow: The investments come following the SCZone’s roadshow in China and Hong Kong in May, where CEO Walid Gamal El Din and his accompanying delegation met with a number of Chinese business leaders and investors in efforts to drum up interest in Egypt.

Tags: