The Suez Canal Economic Zone (SCZONE) has unveiled a $297 million contract with Chinese company WU'AN XIN FENG, granting usufruct rights to 750,000 square meters of land. The investment aims to establish a factory producing hot-rolled iron coils for 70 percent export, with plans for subsequent car engine block manufacturing stages. The SCZONE Chairman highlighted the $2 billion total investments between China and SCZONE, involving one hundred fifty companies from various sectors.
Notably, three project contracts with Chinese firms were inked in the Qantara West Industrial Zone, reflecting SCZONE's successful promotional tour in China. Earlier achievements include $894 million secured investments since January 2024, with 40 percent originating from Chinese sources, and a total of one hundred twenty-seven projects valued at $2.8 billion from July 2023 to March 2024, with foreign investments constituting 49 percent.