CAIRO – The Suez Canal Economic Zone (SCZONE) on Monday signed an usufruct contract to provide a land plot of 750,000 square metres for a project of Chinese company Wuan Xinfeng in the Ain Sokhna industrial zone.
The project, which costs USD 297 million and secures 1,200 jobs, is aimed at establishing a factory for producing hot-rolled iron coils, according to a statement released by the SCZONE.
The signing ceremony was attended by SCZONE Chairman Walid Gamal el-Din and Ni Yufeng, Secretary of the Communist Party of China’s (CPC) Committee of Hebei Province.
Gamal el-Din said the project targets exporting 70% of hot-rolled iron coils and will expand its activity to manufacture car engine blocks in the future.
The SCZONE head stated the project obtained the Supreme Council of Energy’s approval with regard to providing gas and electricity.
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