China’s Zenith Steel Group will invest $300 million in a tyre components manufacturing plant in Egypt, becoming the latest Chinese company to back Cairo’s growing ambition of turning the country into one of the region’s leading automotive and tyre manufacturing hubs.
The agreement, signed with the General Authority for the Suez Canal Economic Zone on July 1, will see the company establish the factory inside the China-Egypt TEDA industrial zone in Ain Sokhna.
The project will produce steel cord and bead wire, two critical materials used in tyre manufacturing, and create about 1,000 direct jobs. Around 30% of production will be exported to markets in the Middle East, Europe and the Americas.
The investment is the latest in a wave of Chinese manufacturing projects that are reshaping Egypt’s industrial landscape and strengthening its position as a production base serving African, European and Middle Eastern markets.
China doubles down on Egypt
