{"id":584045,"date":"2023-03-26T00:00:00","date_gmt":"2023-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/"},"modified":"2023-03-26T00:00:00","modified_gmt":"2023-03-26T00:00:00","slug":"chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/26\/chinese-steel-player-to-invest-usd-2-bn-in-sczone-factories-plus-danone-to-invest-here-this-year\/","title":{"rendered":"Chinese steel player to invest USD 2 bn in SCZone factories. PLUS: Danone to invest here this year."},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">More investment from China: <\/span><span style=\"\">Chinese company <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.xinxing-pipes.com\/en\/\" style=\"\">Xinxing Ductile Iron Pipes<\/a><\/span><span>plans to inves<\/span><span>t U<\/span><span>SD 2 bn to build iron and steel plants in the Suez Canal Economic Zone <\/span><span style=\"\">(SCZone), according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02DSTKxAwYmwvnGcm9TerwHJZNXA54UVweXRTCLKX1Z7aaosr4v9EVEbCTYiNk197kl\" style=\"\">cabinet statement<\/a><\/span><span style=\"\">. The plants will produce iron pipes and steel products for domestic use and for export and will be located in China\u2019s TEDA industrial zone in Ain Sokhna.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">By the numbers: <\/span><span style=\"\">The project is expected to generate an annual turnover of USD 2.6 bn and <\/span><span style=\"font-weight:400;\">create more than 2.1k jobs. The first phase will see Xinxing build a USD 150 mn cast iron pipe factory that will employ more than 600 people and produce some 250k tons of pipes annually. In the second phase, the company will build a USD 1.8 bn steel factory, producing some 2 mn tons of steel products for export each year and employing 1.5k people.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">This is the third big-ticket investment Chinese firms have been involved in recently:<\/span><span style=\"\"> H<\/span><span style=\"\">ong <\/span><span style=\"\">Kong-based port operator Hutchison Ports and Chinese shipping firm Cosco Shipping Ports were among the companies that earlier this month <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30add363-e640-4dcc-b348-577935303ce6\" style=\"\">signed agreements worth USD 1.6 bn<\/a><\/span><span style=\"\">to develop new container terminals at the Ain Sokhna and Dekheila ports. China Energy also said recently that it would begin work on a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa878ad1-53fa-486f-9f54-cd3f552f5e3c\" style=\"\">USD 5.1 bn green hydrogen facility<\/a><\/span><span style=\"font-weight:400;\"> in May. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">March also saw Chinese manufacturers <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6de16e3-39c8-4199-baa5-c4809f3df120\" style=\"\">expand production<\/a><\/span><span style=\"font-weight:700\"> in the SCZone:<\/span><span style=\"\"> Fibergla<\/span><span style=\"\">ss <\/span><span style=\"font-weight:400;\">manufacturer Jushi Group inaugurated a USD 320 mn production line at its factory in the zone while the Egypt Fanyang Textile Company opened a USD 60 mn factory. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">DANONE\u2019S 2023 INVESTMENT PLANS-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Danone Egypt will invest EGP 170 mn in its operations this year<\/span><span style=\"\">, up from EGP 150 <\/span><span>mn last year, Hesham Radwan, general manager and managing director of Danone Egypt and Northeast Africa, told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3M9xY43\" style=\"\">Al Shorouk<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">More localization + exports: <\/span><span>The company is working to increase the use of  local components in its operations to 85% within the coming three years and increase its exports to 5% of its total Egyptian production from 3% currently.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the latest in a string of Chinese investment in Egypt\u2019s manufacturing and infrastructure sectors<\/p>\n","protected":false},"author":1,"featured_media":584046,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[808,72,7196,125,131,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-danone","tag-enterpriseam","tag-industry","tag-investment-watch","tag-manufacturing","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"226c1647-f149-4e1e-a089-ede89ab06884","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/407.jpg","photo_position":"above","homepage_title":"Chinese steel player to invest USD 2 bn in SCZone factories","full_issue_title":"China\u2019s Xinxing to invest USD 2 bn in iron, steel plants in Suez Canal area. 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