{"id":606778,"date":"2023-09-21T00:00:00","date_gmt":"2023-09-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/21\/egypt-to-build-eur-1-bn-tire-factory\/"},"modified":"2023-09-21T00:00:00","modified_gmt":"2023-09-21T00:00:00","slug":"egypt-to-build-eur-1-bn-tire-factory","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/21\/egypt-to-build-eur-1-bn-tire-factory\/","title":{"rendered":"Egypt to build EUR 1 bn tire factory"},"content":{"rendered":"

Tire money rolls in: <\/strong> 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<\/a> statem<\/a> ent<\/a> yesterday. The plant could create as many as 1k direct and indirect jobs.<\/p>\n

In detail: <\/strong>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\u2019s implementation.<\/p>\n

What\u2019s Rolling Plus? <\/strong>The company\u2019s shareholders include Egyptian, Saudi, and Cypriot companies, Reuters<\/a> reports. Its CEO is John Barakat, according to the cabinet statement. The company has no online footprint that we could find. <\/p>\n

Concrete Plus? <\/strong> Most of the specs of this factory match the one announced by Concrete<\/a> Plus<\/a> 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. <\/p>\n

Also involved: <\/strong> Finnish tire consulting firm Black Donuts<\/a> will act as a technical consultant on the project, the statement reads.<\/p>\n

Remember: <\/strong>The Madbouly government\u2019s automotive strategy<\/a> aims to develop the local car industry in order for Egypt to become a regional manufacturing hub. <\/p>\n

Read more about our fledgling domestic tire industry <\/strong> \u2014 and the challenges it\u2019s facing \u2014 in our recent Inside Industry two-parter (Part I<\/a> | Part II<\/a>). <\/p>\n","protected":false},"excerpt":{"rendered":"

The SCZone factory is set to churn out 7 mn tires each year<\/p>\n","protected":false},"author":1,"featured_media":606779,"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":[7255],"tags":[144,72,125,131,11616,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606778","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing","tag-automotive","tag-enterpriseam","tag-investment-watch","tag-manufacturing","tag-rolling-plus-chemical-industries","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"b85da3f0-7779-46ff-a969-43427ddc2afa","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1346.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt to build EUR 1 bn tire factory","related_issue":[606771],"teaser":"The SCZone factory is set to churn out 7 mn tires each year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.8d937084-c485-461d-ada5-8f8629285bb1.mp3"},"yoast_head":"\nEgypt to build EUR 1 bn tire factory - 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