A Chinese company is planning to invest $2 billion to establish a project for manufacturing cast-iron pipelines and steel industry in Egypt, according to an official statement on March 23rd.
The project is set to be built on an area of 1.7 million square meters at the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain Shams.
The annual turnover of this project is expected to amount to around $2.6 billion.
It will be implemented over two stages, offering over 2,100 jobs.
The first stage includes the production of cast-iron pipelines with a production capacity of 250,000 a year, with around $150 million in investments.
Meanwhile, the second stage will be carried out with approximately $1.8 billion in investments and an annual production capacity of 2 million tons of steel dedicated for export purposes.
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