SCZONE pens deal with Chinese company for $297mln project

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The Suez Canal Economic Zone (SCZONE) has entered into an agreement with the Chinese company WU'AN XIN FENG at an investment value of $297 million.

The Chinese entity was granted usufruct rights to a land area spanning 750,000 square metres to establish a factory that produces hot-rolled iron coils, according to the Cabinet’s statement.

The project aims to export 70% of its production and secure around 1,200 job opportunities.

Walid Gamal El-Din, Chairman of SCZONE, indicated that the overall investments between China and SCZONE exceeded $2 billion across 150 companies from various industrial and logistical sectors.

Earlier this month, SCZONE and Türkiye’s Eroğlu Holding teamed up to establish a denim clothes factory with an investment cost of $40 million.

During the period between July 2023 and 21 March 2024, SCZONE announced 127 project awards in industrial zones and ports at an investment cost of $2.80 billion.