The Prime Minister witnessed the signing ceremony for a new tires’ factory with investments of EUR 1 billion within SCZONE

The Egyptian prime minister, Dr. Mostafa Madbouly, and Mr. Waleid Gamal Al-Dien, Chairman of the General Authority for the Suez Canal Economic Zone (SCZONE), witnessed the signing ceremony of a contract for establishing the “Rolling Plus” tires manufacturing factory, on an area of 400,000 m2, with investments of one billion euros. The project will be implemented in 3 phases within SCZONE’s Sokhna Industrial Zone.

The contract was signed by Eng. Abdel Nasser Rifai, the Managing Director of the Main Development Company, and Eng. John Barakat, CEO of Rolling Plus Chemical Industries. The project aims to establish a factory for tires production, with investments of one billion euros, and a production capacity of 7 million tires annually when the project phases are fully operational.

The project is being implemented in 3 production phases. The first phase will witness the implementation of the construction works of the factory, in addition to the production lines for automobile tires, with a capacity of 2.5 million tires annually. The investment cost for this phase amounts to 400 to 450 million euros, and 50% of its production will target the local market. The second phase will add light transport tires, producing 3.5 million tires annually, providing 40% of the production for the local market. The production capacity will increase in the third phase to reach 7 million after adding the heavy transport tire industry.

“SCZONE strategy aims to localize a number of industrial and services sectors depending on industries that are complementary to each other, as the “Rolling Plus” tire manufacturing project is part of the strategy for localizing the automobile industry and complementary industries to that, such as the manufacture of batteries, tires, and others. The project also aims to provide the needs of the local market, as part of the deliberate steps we are taking to support reducing the import bill through the localization of the targeted industries. The project will provide 1,000 direct and indirect job opportunities, within the developer, “Main Development Company,” the investment arm of SCZONE. The presence of a Finnish technical partner, “Black Donuts,” will foster the project, as it will provide all the technical consultations for the project’s designs from the starting point of its operation to the tires manufacture process” Mr. Waleid Gamal Al-Dien, Chairman of SCZONE declared.