Egypt’s General Authority of the Suez Canal Economic Zone (SCZONE) signed on Monday a usufruct contract with China’s Wu’an Xin Feng with a total investment of $297 million.
The contract, which encompasses an area of 750,000 square metres to build an electric arc furnace (EAF) mill in the Sokhna Industrial Park of SCZONE to manufacture hot-rolled iron coils. The project is anticipated to generate 1,200 job opportunities.
The strategic partnership between SCZONE and Chinese investors has proven successful, with Chinese investments in the TEDA Cooperation Zone reaching about $2 billion. This investment has facilitated the establishment of 150 companies in various industrial and logistical sectors, leading to new partnerships in the promising West Qantara Zone.
Since the start of the financial year 2023-2024, contracts for four projects have been signed, including three with Chinese companies.
The Wu’an Xin Feng project aims to export 70 per cent of its production and includes plans for producing automotive engine blocks.
