- Egypt has signed an agreement with China’s Sailun Group to build a car tyre plant in the Suez Canal Economic Zone (SCEZ) with a total investment of $1bn, according to a cabinet statement.
The construction of the plant will last three years. The first phase is scheduled for completion in 2026.
The plant will eventually produce 10 million tyres a year, Reuters quoted the government as saying.
The EZSC makes up a complex of six ports and four industrial zones located along or near the strategic waterway. The Egyptian government has granted the zone special legal and tax incentives. At the same time, the country is investing heavily in infrastructure to attract investors to the EZSC.