*With investments of $1.8 Million SCZONE’s chairman witnesses the signing ceremony of the PYRAMIDS ALU project 1st phase for solar mounting systems*

Mr. Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE), witnessed this morning, at SCZONE’s headquarters in the Administrative Capital, the signing ceremony for the first phase of “PYRAMIDS ALU” project contract to produce high-quality aluminum frames and solar mounting systems in the Sokhna Industrial Zone, within the scope of the industrial developer, the main development company “MDC”. The project is being implemented in three phases, the first phase begins with a factory on an area of 5,000 square meters, consisting of four “Plug & Play” units, at an investment cost of up to $1.8 million, and provides about 42 direct job opportunities. The factory is expected to be inaugurated within two months. The contract was signed by Major General Waleid Youssef, Managing Director of the Main Development Company” MDC”, and Mr. Tarek Shehata, General Manager of “PYRAMIDS ALU”.

“SCZONE has achieved pioneering steps in the green fuel localization field, as a ramification of its vision consistent with global and regional needs and providing multiple areas for investment in this sector. The investment opportunities in the field of green fuel within SCZONE are diverse, starting from the green fuel production, investment in complementary and feeding industries, investment in the infrastructure necessary to establish these projects, in addition to green bunkering services through the ports of Sokhna and East Port Said.” Mr. Waleid Gamal El-Dien, Chairman of SCZONE declared.

“”PYRAMIDS ALU” project represents the achievement of SCZONE goals in localizing complementary and feeding industries for green fuel production and pushing forward the industry of solar energy production components, by relying on local supplies. The project is being established within 4 ready-made “Plug & Play” units, a model adopted by SCZONE to support investors by providing spaces for factories that were previously established to accelerate the pace of production in their projects.” Mr. Waleid Gamal El-Dien, Chairman of SCZONE added.

It is worth noting that the “PYRAMIDS ALU” factory is a partnership between the Egyptian company “ALU AFRIC” and the Chinese company “ALU PRO”, and aims to reach a monthly production capacity of 1,750 tons, supported by two fully automatic fabrication lines and one manual production line. The project will also rely on 100% local raw materials through the Egyptian company “ALU AFRIC”. The project is carried out under the expansion initiative for companies and industrial institutions with export capabilities within SCZONE in coordination with the Administrative Control Authority (ACA).