Arab Finance: China-based Zenith Group, a subsidiary of Zhongtian Group, plans to establish a $300 million facility to manufacture automotive tire components in TEDA-Egypt within the Suez Canal Economic Zone (SCZONE), according to a statement.

Spanning 320,000 square meters in the Sokhna Industrial Zone, the project is expected to secure around 1,000 direct jobs, SCZONE Chairman Waleid Gamal El-Dien noted.

The facility will feature advanced production lines with an annual capacity of 120,000 tons of steel cord, a key reinforcement material used in automotive tires, and 50,000 tons of bead wire.

Around 30% of the plant's output will be exported to markets across the Middle East, Europe, and the Americas, supporting Egypt's ambition to become a regional hub for advanced engineering component exports.

For his part, Prime Minister Mostafa Madbouly affirmed the government’s ongoing efforts to deepen local manufacturing and attract investments in advanced industries. He added that the project marks a significant addition to Egypt's engineering industries and intermediate materials sectors.