RIYADH: Egypt’s Ain Sokhna Industrial Zone, part of the Suez Canal Economic Zone, is set to host three new mega projects worth a combined $3.5 billion, following an agreement between Kemet Industries Group and Emirati-Chinese firm Al Qalaa Red Flag.
The projects planned under this partnership include a seamless steel pipe factory with an annual production capacity of up to 250,000 tonnes, designed to meet the needs of the North African country’s major infrastructure and urban development projects while reducing import dependence, according to a statement.
A tire factor with an annual production capacity ranging from 12 million to 15 million is also set to be developed, as a fiber-optic cable manufacturing plant, which will strengthen the infrastructure of the communications and information technology sector, enable digital transformation, and enhance high-speed network connectivity.
This move marks a significant boost to investment in the SCZONE and supports its strategic plans to localize industry, transfer advanced manufacturing technologies, increase local content, and promote Egyptian exports abroad.
In an official statement on Facebook, the Egyptian Cabinet said: “The cooperation between the two parties aims to establish three mega industrial projects in the Ain Sokhna Industrial Zone, part of the Suez Canal Economic Zone, with total expected investments for the three projects reaching $3.5 billion.”
