(Headline corrected)

Egypt's Suez Canal Economic Zone (SCZONE) has signed a land usufruct agreement with China's Wu'an Xin Feng for the construction of a $297 million hot-rolled coils (HRC) production facility in the Sokhna Industrial Zone.

SCZONE said in a press statement that the project will be built over an area of 750,000 square metres (sqm), and is expected to create 1,200 job opportunities.

It said the project aims to export 70 percent of its production overseas with future expansion to include the production of automotive engine blocks.

The critical element of securing gas and electricity for the project has been addressed with approval granted by the Egyptian Supreme Council of Energy, the statement added.

(Writing by Eman Hamed; Editing by Anoop Menon)


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