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Image used for illustrative purpose.
ArabFinance: The China-Egypt TEDA Suez Economic and Trade Cooperation Zone has signed a cooperation agreement with the China Construction Science and Industry Corporation to establish a factory for manufacturing steel structures in Ain Sokhna, sources at TEDA told Al Borsa News.
The Chinese company has already received the location of the factory, the sources added.
Spanning, 27,000 square meters (sqm), the factory will have a production capacity of 14,000 tons of steel structures as well as 300,000 tons of ceiling panels, they highlighted.
The production of this factory is set to meet the demand of the local market, along with markets in Africa, the Middle East, and the Mediterranean area, they pointed out.
The value of the project’s investments and its timeframe have not been determined yet, the sources said.
Established in 2018, the China-Egypt TEDA is a main joint platform for cooperation between Egypt and China that connects projects of the Chinese Belt and Road Initiative with the development strategy of the Suez Canal Corridor Area Project in Egypt.
