China's Xinxing Cathay Invests $1.08 Billion in Egypt's SCZone Factories

China's Xinxing Cathay International Group Invests $1.08 billion in Suez Canal Economic Zone Factories. The investment includes $147 million in a cast iron pipe factory and $930 million in a steel factory, with significant export plans for both. The move reflects Egypt's efforts to attract more Chinese investments into the country.

Xinxing Cathay International Group is making substantial investments in two factories within the Suez Canal Economic Zone (SCZone), with one factory dedicated to cast iron pipes and the other focusing on steel production. These investments, totaling $1.08 billion, demonstrate China's increasing economic presence in the Suez Canal region. The cast iron pipe factory aims to produce 250,000 pipes annually, with a substantial portion earmarked for export. In parallel, the steel factory will have an annual production capacity of 700,000 tons of hot-rolled coils and 300,000 tons of hot-rolled sheets, with the majority of these products slated for export. This move aligns with efforts to foster economic growth and strengthen economic ties between Egypt and China.