Tire money rolls in: Rolling Plus Chemical Industries has signed a contract to establish a EUR 1 bn (c USD 1.1 bn) tire factory in the Ain Sokhna industrial zone, cabinet said in a statem ent yesterday. The plant could create as many as 1k direct and indirect jobs.

In detail: The 400k-meter factory will produce some 7 mn tires each year. The first phase, worth EUR 400-450 mn, includes the construction of the factory and production lines to produce 2.5 mn passenger car tires annually, with 50% of the output directed to the local market. The second phase of the project will add production lines to produce 3.5 mn light vehicle tires per year, 40% of which will be sold locally. Production lines for heavy transport vehicle tires will be added in the final phase. The statement did not provide a timeline for the project’s implementation.

What’s Rolling Plus? The company’s shareholders include Egyptian, Saudi, and Cypriot companies, Reuters reports. Its CEO is John Barakat, according to the cabinet statement. The company has no online footprint that we could find.

Concrete Plus? Most of the specs of this factory match the one announced by Concrete Plus earlier this year, down to the size, location, the phase one investment amount, and most of the capacity figures. We were unable to confirm whether this is a separate project or whether Rolling Plus is the name of the recently-announced Concrete-Saudi JV.

Also involved: Finnish tire consulting firm Black Donuts will act as a technical consultant on the project, the statement reads.

Remember: The Madbouly government’s automotive strategy aims to develop the local car industry in order for Egypt to become a regional manufacturing hub.

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

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