Egypt, China's Xinxing Ductile sign land transfer deal

Updated 3/27/2024 1:30:00 PM
Egypt, China's Xinxing Ductile sign land transfer deal

Arab Finance: Prime Minister Mostafa Madbouly witnessed the signing of a contract transferring the right to Xinxing Ductile Iron Pipe Co. to use approximately 270,000 square meters of land within the industrial zone in Sokhna TEDA-Egypt, as per a statement by the Egyptian cabinet.

The land can be utilized for heavy, medium, and light industries and logistic services, including business activities, research and development, and equipment production.

This agreement marks the initiation of a ductile iron pipe manufacturing project with investments totaling $146 million, boasting an annual production capacity of 250,000 tons and an estimated annual output value of around $1.2 billion.

 

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