SCZONE seals $755M agreements to expand TEDA-Egypt’s business
Updated 10/17/2023 12:18:00 PM
Arab Finance: The Suez Canal Economic Zone (SCZONE) has signed three framework agreements with the industrial developer TEDA-Egypt worth $755 million in investments to expand the latter’s business, as per a statement on October 17th.
The first agreement was inked to establish a ductile iron pipe production factory in the TEDA-Egypt zone, with an expected production of 250,000 tons of pipes.
The project aims to export 80% of production abroad with sales of up to $250 million, in addition to providing 600 job opportunities.
The project’s first phase is set to be established on a 240,000-square-meter area with investments of $145 million.
Worth $500 million in investments, the second deal covers setting up a polished glass manufacturing factory with a daily capacity of 800 tons and a rolled-glass production line with a capacity of 800 tons a day.
The project is expected to produce 243,200 tons of polished glass products and 235,000 tons of rolled-glass products a year, with potential sales of up to $250 million.
The project aims to export 80% of production abroad, along with creating from 600 to 800 job opportunities.
The third agreement, worth up to $110 million in investments, comprises building a 270,000-square-meter bromine production and water treatment park, with an annual production of 140,000 tons of bromine in the TEDA-Egypt zone.
The project targets exporting its production abroad and offering 700 job opportunities.
Moreover, both sides inked a letter of intent to develop a new industrial zone in Sokhna Industrial Zone on a 3-square-kilometer area.
This came on the sidelines of the two-day Belt and Road Forum held in China on October 16th.
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