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Egypt’s Suez Canal Economic Zone (SCZONE) has signed an agreement with Shanghai-headquartered Guide Group to develop an integrated industrial complex for electric vehicles (EV), lithium-ion batteries and reverse osmosis (RO) membranes at the Sokhna Industrial Zone.
The $63.9 million project will be developed on a 70,000-square-metre plot within Orascom Industrial Parks and is expected to create around 1,000 direct jobs, SCZONE said in a press statement.
The project will be implemented in three phases. The first phase, with an estimated investment of $13.6 million, will focus on manufacturing two-, three- and four-wheeled electric vehicles at an .
The second phase will establish lithium-ion battery production lines to support both in-house demand and external customers, while the third phase will manufacture reverse osmosis membranes, supporting long-term environmental sustainability.
The first phase investment is estimated at $13.6 million, the statement noted.
(Writing by Eman Hamed; Editing by Anoop Menon)
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