China’s Xinxing to invest $400mln in Egypt within 5 years

PHOTO

China’s Xinxing Ductile Iron Pipes Corporation is planning to invest $400 million in Egypt within five years as part of its expansion plan, the firm’s CEO Ye Maolin told Asharq Business.

Maolin stated that the company’s first plant in Egypt will be operated by the end of this year via three production lines with investments of around $150 million.

He added that the company aims to export 80% of this plant’s annual production within the five years at a value of $200 million for each year to the Middle East and Africa (MEA) region, while the remaining 20% will be dedicated to the Egyptian market.

On April 30th, the General Authority for the Suez Canal Economic Zone (SCZONE) laid the foundation stone of the Xinxing Ductile Iron Pipes Corporation’s factory.

The factory aims to produce high-pressure pipes made of flexible cast iron ranging from 100 to 1,000 millimeters, with an annual production capacity of 240,000 tons.