The Chinese-funded firm Xinfeng Egypt has just signed a land use agreement with Egypt’s General Authority of the Suez Canal Economic Zone (SCZone). This agreement that was signed on Tuesday is set to enable Xinfeng Egypt build Egypt’s Xinfeng Integrated Metallurgical Complex.

Also, under the agreement that was signed, Xinfeng Egypt will invest a whooping $1.65 billion to construct a manufacturing complex. Additionally, the manufacturing complex will cover a total area of 3.75 million square meters. Furthermore, the manufacturing complex will be set up in the SCZone’s Ain Sokhna Integrated Zone. This information was revealed by the Egyptian cabinet in a statement.

Project overview:

Investment:

The project represents a $1.65 billion U.S. dollar investment.

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Production will focus on:

Additional facilities:

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Contractor:

Export:

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The officials who attended the signing ceremony include: Egyptian Prime Minister Mostafa Madbouly, Deputy Prime Minister and Minister of Transport and Industry Kamel al-Wazir. Additionally, also in attendance was the chairman of the SCZone General Authority Waleid Gamal El-Dein and other Egyptian officials.

Additionally, the manufacturing complex will be completed in over five years in two phases. It will include a total of nine factories, a solid waste treatment workshop, and lastly An R&D and training facility. Furthermore, the manufacturing complex will primarily manufacture automobile and transportation parts. Additionally, it will manufacture industrial standard parts and industrial non-standard parts.

Furthermore, according to Xinfeng Egypt Chairman Tian Haikui, the ambitious manufacturing complex is expected to create 8,000 direct jobs. Additionally, the manufacturing complex will solely focus on terminal industrial product manufacturing. It will also focus on the high-value-added industries like automobiles, engineering machinery, and lastly home appliances.

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“The project will enhance the competitiveness of Egypt’s manufacturing. Furthermore, it will create many jobs and improve local skills while promoting export growth. This is in accordance with Egypt’s vision 2030,” Tian Haikui told Xinhua.

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