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Big-ticket Chinese investments are once again leading domestic business news, with news of an in-the-works industrial complex targeting the automotive industry at the same time as construction kicks off on a solar cell factory — two sectors that are very much priorities of the Madbouly government’s industrial policy.
WU’AN XIN FENG EYES USD 1.7 BN INDUSTRIAL COMPLEX-
Chinese steelmaker Wu’an Xin Feng has a plan to set up a USD 1.7 bn integrated industrial complex in the Suez Canal Economic Zone (SCZone). It sees the facility eventually being home to nine factories and sees it creating some 8k jobs. It will be built out over a five-year period, according to an Industry Ministry statement.
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The first phase will include four factories for automotive brake components, household appliance parts, standard fasteners, and hot-rolled steel coils, while the second phase will add five more factories, producing automotive parts made from aluminum and magnesium alloys, construction machinery components, and cold-rolled steel coils.
This isn’t the first time Wu’an Xin Feng has shown interest investing in Egypt, as the Chinese steel maker inked an agreement in April with the SCZone to lease a plot of land to set up a USD 297 mn hot-rolled steel coils plant. It’s so far unclear if the project is the hot-rolled steel coil factory that will be set up in the industrial complex or a separate project entirely.
USD 150 MN SOLAR CELL FACTORY-
China’s Elite Solar laid the foundation stone for its USD 150 mn solar cell factory, with the first phase set to be complete by September 2025, according to an SCZone statement. The project will create 600 jobs.
Déjà vu? We first got wind of the project during the Forum on China-Africa Cooperation in Beijing last September, when the renewables company inked a land agreement for the project — which at the time was valued at USD 100 mn.
LUTHIA TEXTILE COULD SET UP SHOP HERE-
The world’s largest producer of dyed fabrics and shirts could soon be setting up shop in Egypt, with Chinese dyed fabric giant LuthaiTextile mulling a USD 385 mn factory — which would mark Luthai’s first in the country — according to a statement from the General Authority for Investment and Freezones. The factory’s entire output will be earmarked for export, according to one company official.
