{"id":618974,"date":"2024-04-23T00:00:00","date_gmt":"2024-04-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/23\/chinese-steel-manufacturer-to-set-up-usd-297-mn-plant-in-sokhna-industrial-zone\/"},"modified":"2024-04-23T00:00:00","modified_gmt":"2024-04-23T00:00:00","slug":"chinese-steel-manufacturer-to-set-up-usd-297-mn-plant-in-sokhna-industrial-zone","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/23\/chinese-steel-manufacturer-to-set-up-usd-297-mn-plant-in-sokhna-industrial-zone\/","title":{"rendered":"Chinese steel manufacturer to set up USD 297 mn plant in Sokhna Industrial Zone"},"content":{"rendered":"

Another Chinese manufacturing project headed to the SCZone:<\/strong> Chinese steel maker Wu\u2019an Xin Feng will set up a USD 297 mn hot-rolled steel coils plant in the Sokhna Industrial Zone after the Suez Canal Economic Zone (SCZone) allocated the steel maker a 750k sqm land plot to house the plant under an usufruct agreement yesterday, according to a statement<\/a> from the SCZone.<\/p>\n

The details:<\/strong> The factory will earmark 70% of its output to exports and will create 1.2k jobs. The plant will start producing vehicle engine blocks at a later stage.<\/p>\n

A successful roadshow:<\/strong> The project stems from an SCZone delegation\u2019s visit to China<\/a> in May, where CEO Walid Gamal El Din and his accompanying delegation met with a number of Chinese business leaders and investors in an effort to drum up Egypt-bound investments. <\/p>\n

It\u2019s been a good month for Chinese investments: <\/strong>Last week, Egypt inked 14 agreements<\/a> with Chinese companies to set up projects alongside our local private sector, including a USD 800 mn fiberglass and polyester plant and a power generation center.<\/p>\n

Chinese investment in perspective: <\/strong>Chinese companies made up 40% out of the total investment pledges into the SCZone during the first nine months of the current fiscal year.<\/p>\n

Even more to come?<\/strong> The General Authority for Freezones and Investments (GAFI) Head Hossam Heiba yesterday sat down with a delegation from the Chinese government to discuss ways to bring in more Chinese investments into the planned freezone in the New Alamein City, according to a GAFI statement<\/a>. Heiba assured the Chinese officials that the authority is currently building more freezones and working to drum up investments so that the zones are operational upon completion.<\/p>\n

What to watch for: <\/strong>The Chinese side expressed its interest in investing in EV manufacturing, construction materials, and petrochemicals. <\/p>\n","protected":false},"excerpt":{"rendered":"

The factory will export 70% of its production<\/p>\n","protected":false},"author":1,"featured_media":618975,"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":[116,72,125,416],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618974","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-china","tag-enterpriseam","tag-investment-watch","tag-suez-canal-economic-zone","wpautop","entry"],"acf":{"mongo_id":"e94fc15f-73fc-4d61-bfad-ade872a7cecf","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1585.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Chinese 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