Arab Finance: The General Authority for Suez Canal Economic Zone (SCZONE) signed a letter of intent (LoI) with China’s Zhongce Rubber Group (ZC Rubber) to establish an integrated tire manufacturing complex in the Sokhna Industrial Zone.
With planned investments of approximately $500 million, the complex will be developed in three phases on an initial area of around 600,000 square meters, covering tire manufacturing and related industrial, service, and logistics activities.
Around 95% of the facility’s targeted production of car and truck tires will be exported, as the project aims to serve markets across Africa, the Middle East, and Europe.
Minister of Investment and Foreign Trade Mohamed Farid said the project reflects the state's focus on attracting foreign direct investment (FDI) to value-added industrial sectors, expanding production, deepening local manufacturing, and scaling exports.
Farid noted that Egypt enjoys competitive advantages that qualify it to be a regional hub for tire manufacturing and export, given its distinguished geographical location and its infrastructure, transportation networks, ports, and logistics system.
