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Wu’an XinFeng has bigger plans for Egypt: Chinese steel maker Wu’an XinFeng plans to set up a USD 1.65 bn integrated industrial complex in Egypt’s Suez Canal Economic Zone (SCZone) which will include a total of nine factories over an area spanning 3.75 mn sqm, according to a statement. The facility will be developed over a period of five years in two phases.
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The first phase will include four factories for automotive brake components, household appliance parts, standard fasteners, and hot-rolled steel coils, while the second phase will add five more factories, producing automotive parts made from aluminum and magnesium alloys, construction machinery components, and cold-rolled steel coils.
This isn’t the first time Wu’an Xin Feng has shown interest investing in Egypt, as the Chinese steel maker inked an agreement in April with the SCZone to lease a plot of land to set up a USD 297 mn hot-rolled steel coils plant. It’s so far unclear if the project is the hot-rolled steel coil factory that will be set up in the industrial complex or a separate project entirely.
THAT’S NOT ALL- The world’s largest producer of dyed fabrics and shirts could soon be setting up shop in Egypt, with Chinese dyed fabric giant Luthai Textile mulling a USD 385 mn factory — which would mark Luthai’s first in the country — according to a statement from the General Authority for Investment and Freezones. The factory’s entire output will be earmarked for export, according to one company official.
IN OTHER SCZONE UPDATES-
Things are heating up in Qantara West: The SCZone has signed USD 38 mn agreements for two export-oriented projects in Qantara West Industrial Zone, according to a SCZone statement. The new projects include one focused on food manufacturing and the other on home textiles. Both projects are expected to begin operations by 4Q 2025.
Chinese textile manufacturer Kelida will set up a USD 30 mn factory in the industrial zone. Over 90% of the factory’s output will be earmarked for exports, with a focus on European and US markets.
Turkish snackmaker Saray Biskuvi will set up a USD 8 mn food manufacturing facility. The new plant will export 90% of its production to international markets.
