https://arab.news/nrntg
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.”
It added: “On the sidelines of the signing ceremony, the Chairman of the Suez Canal Economic Zone stated that this cooperation between the two major entities represents a boost to investments within the authority and supports its strategic plans to localize industry, transfer advanced manufacturing technologies, increase local content, and support Egyptian exports abroad.”
The statement further noted that the initiative will help create job opportunities for Egyptian youth, in line with the state’s vision of achieving comprehensive economic, social, and environmental development.
The initiative comes as the SCZONE finalized 129 projects worth $4.4 billion during the 2024–25 fiscal year, generating more than 31,000 direct jobs. From July through mid-September of the current fiscal year, it signed an additional 26 industrial and logistics contracts in Sokhna and Qantara West valued at $1.85 billion, expected to create 21,800 jobs.
Since mid-2022, the SCZONE has attracted a total of 334 projects worth $10.4 billion. Of these, 323 projects — representing $8.9 billion in investment and nearly 100,000 planned jobs — are located in industrial zones, while 11 projects in seaports account for $1.5 billion. The investment portfolio spans diverse sectors, including solar panels, tires, garments, metals, logistics, and recycled materials.