Prometeon wants to expand locally: Tiremaker Prometeon Tyre Egypt — a subsidiary of China National Tire & Rubber Company — plans to invest USD 400 mn to expand its operations in Egypt, company representatives told Investment Minister Hassan El Khatib during a meeting in Cairo. The fresh funds will go towards boosting output and upgrading the capabilities of the company’s existing Alexandria plant.

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The details: The investment will boost the company’s annual production by 1.5 mn tires and raise the efficiency of the company’s existing manufacturing facilities in Alexandria’s Amreya. The firm currently produces 1.2 mn tires a year and has plans to introduce new tire technologies to the Egyptian market.

To carry out its expansion plans, Prometeon is seeking a 200k sqm land plot adjacent to its Amreya plant. The company is also mulling plans to set up freezone to serve the new expansion and to export output.

Dive deeper into Prometeon’s plans for Egypt: Check out our interview with Prometeon Tyre Egypt CEO Stefano Ziliani, where we discussed the company’s future plans, localization push, and much more.

We have a few local tire projects in the works, most notably Chinese tiremaker Sailun Group’s USD 1 bn factory, which kicked off construction earlier this year. Organi Group acquired 50% of Rolling Plus Chemical Industries in March to revive its EUR 1 bn tire factory project in the SCZone in partnership with Concrete Plus. In addition to this, an unnamed Chinese company is reportedly looking to set up a USD 360 mn tire factory in the SCZone in partnership with the state-owned Arab Organization for Industrialization.

** Read more about our fledgling domestic tire industry — and the challenges it’s facing — in this Inside Industry two-parter we published in 2023 (Part I | Part II).

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