Spread over an area of 3.75 million square meters, the project encompasses the setting up of nine factories, and is slated for completion in two phases over five years.
Dec 27, 2024
Chinese steelmaker XinFeng Egypt has unveiled plans to develop a state-of-the-art industrial complex in the Ain Sokhna Integrated Zone, part of the Suez Canal Economic Zone, with an investment of USD 1.65 billion.
Egypt’s Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, Kamel Al-Wazir, met with XinFeng Egypt Chairman Tian Haikui to review the progress of this strategic initiative, which will bolster the region’s industrial capabilities and attract significant international attention.
The project encompasses nine factories spread over an area of 3.75 million square meters and is slated for completion in two phases over five years.
The first phase will witness the setting up of four factories focused on producing automotive brake disc components, home appliance components, standard fasteners (bolts and nuts), and hot-rolled steel coils.
As per media reports, Xinfeng Steel will itself build a steel plant in Ain Sokhna with a capacity of 2 million TPA of hot-rolled coils. The company will be equipped with two 120 tonnes electric arc furnaces.
The second stage will see the construction of five more plants, including a cold-rolled coil production facility. These plants will specialize in manufacturing automotive components from aluminum and magnesium alloys, steel structure equipment, automotive drum brake components, construction machinery components, and cold-rolled steel coils, marking the full realization of the complex.
Minister Al-Wazir reaffirmed the government’s commitment to supporting XinFeng Egypt by expediting the issuance of industrial licenses and facilitating project-related procedures. He emphasized the need to streamline project timelines, including equipment delivery and installation, to ensure the swift initiation of production.
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To further accelerate the process, the Minister handed over a proposed project timeline to XinFeng’s chairman, signaling the next steps following the finalization of the contract. This project highlights Egypt’s dedication to enhancing its industrial landscape and attracting major global investments.
