Chinese steelmaker XinFeng plans to invest USD 1.65 bln in an integrated industrial complex within the Sokhna Industrial Zone under the Suez Canal Economic Zone (SCZONE), according to the Ministry of Trade and Transport.
The 3.75-mln-square-meter complex will feature nine factories, with the project slated for completion in two phases over five years.
The first phase will establish four factories producing HRC, automotive brake discs, home appliance components, and standard fasteners. The second phase will add five facilities manufacturing automotive parts from aluminum and magnesium alloys, steel structure equipment, construction machinery components, CRC, and drum brake parts.
SCZONE Chairman Waleid Gamal El-Din noted earlier this year that 70pct of the production would be targeted for export.
