Arab Finance: Kemet Industries Group has signed a memorandum of understanding (MoU) with Emirati-Chinese firm Al Qalaa Red Flag to establish three mega industrial projects in the Sokhna Industrial Zone, as per a statement.

The three projects have a total expected investments of up to $3.5 billion.

They include a seamless steel pipe factory, with an annual production capacity of up to 250,000 tons, to serve Egypt’s large-scale infrastructure and urban development projects and fontribute to reducing import bill.

The second project is a tire manufacturing plant, with an annual production capacity of 12 to 15 million tires. The production will cover various vehicle types, which will highly help meet the local automotive sector's demand.

The third project involves a fiber optic cable plant to strengthen the country’s communications and information technology infrastructure, enabling faster and more efficient digital connectivity.

Commenting on this collabotation, Waleid Gamal El-Dein, Chairman of the General Authority of Suez Canal Economic Zone (SCZONE), said that MoU supports the authority's strategic plans on industry localization, exchanging advanced manufacturing expertise, backing egyptian exports, and offering jobs for youth.

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