Egypt's Suez Canal Economic Zone (SCZONE) has secured more than $3 billion in investments from Chinese companies in chemical, textile/apparel, power, pipes, and iron & steel industries.
Several investment agreements and commitments were secured during the visit by Walid Gamal El-Din, Chairman, Suez Canal Economic Zone (SCZONE) to China last week.
According to data compiled by Zawya Projects, the list of projects includes:
Agreements totaling $310 million with Shandong Tianyi Company
Shandong Tianyi Company plans to establish bromine and caustic soda production plants in TEDA Suez, with a total investment of $310 million. The bromine production plant, valued at $110 million, will cover an area of 270,000 square metres (sqm) and have an annual production capacity of 140,000 tonnes.
The caustic soda plant, valued at $200 million and spanning 300,000 sqm, will produce 500,000 tonnes of raw salt, 300,000 tonnes of soda ash, 270,000 tonnes of chlorine, and 75,000 tonnes of hydrogen annually.
An agreement worth $12 million with Golden Spring Group
A subsidiary of Golden Spring Group signed an agreement for a textile project covering 66,000 sqm, with an investment of $12 million.
Agreements worth $365 million with Hidier Power Group
Hidier Power Group signed two agreements with China-Africa TEDA Investment Co. The first agreement, valued at $265 million, involves the construction of a power station and substation capable of handling a power capacity of 200 megawatts (MW) at a voltage level of 220 kilovolts (kV). The second agreement, worth $100 million, focuses on the production of advanced combustion systems.
$2 billion investment plan by Xinxing Ductile Iron Pipes Co
The SCZONE delegation held discussions with Jia Shirui, Chairman of Xinxing Ductile Iron Pipes Co, regarding a proposed $2 billion ductile cast iron pipe manufacturing plant in the Sokhna Industrial Zone. The first phase of the project will have an annual production capacity of 250,000 tonnes of ductile iron pipes, which is expected to increase to 500,000 tonnes in the second phase.
$20 million investment proposal by ShengDa
Shanghai-headquartered ShengDa, a leading manufacturer of apparel, fashion accessories and home textiles, signed a letter of intent with SCZONE to establish a project for the production of apparel in the Abu Khalifa area, west of the industrial zone in SCZONE.
$300 million proposal for an iron production complex
Another notable development was a joint venture proposal worth $300 million by Chengfeng Iron & Steel and Sinoma CDI to establish an iron production complex spanning 750,000 sqm in SCZONE. The project is set to be implemented in two phases.
During the visit, Gamal El-Dien also met with Song Lee, Chairman of China-Africa Development Fund, to discuss investments in the pharmaceutical, automotive, and green fuel industries. Song expressed readiness to finance projects involving Chinese investors in SCZONE, including those related to green hydrogen.
Agreements were also signed with Chint Global Centre for energy project services and training, as well as with Zhejiang Centre for Commercial and Economic Services for training initiatives. Additionally, discussions took place with officials from Sany Heavy Industries and Construction Equipment to explore possibilities for manufacturing equipment for Egypt's green hydrogen sector, such as electrolysers, within SCZONE.
(Writing by Eman Hamed; Editing by Anoop Menon)