With 9 factories and investments of 1.65 billion dollars,SCZONE Chairman witnesses the Ground-Breaking Ceremony of the “Xin Feng” Integrated Complex for Metal Industries in Sokhna

Mr. Waleid Gamal El-Dien, Chairman of the General Authority of the Suez Canal Economic Zone (SCZONE), witnessed the Ground-Breaking Ceremony of the “Xin Feng” Integrated Complex for Metal Industries in the Sokhna integrated zone. In its phases, the project includes 9 diverse factories implemented over 5 years, in addition to two comprehensive service centers; one for research and development, and the other for solid waste recycling. The project has a total investment of $1.65 billion, a total area of 3.75 million square meters, and in its phases, it will create more than 8,000 direct jobs. The first phase of the project includes 4 factories: (car brake disc components factory, household appliance components factory, standard fasteners factory (bolts and nuts), and hot-rolled steel coil factory), while the second phase includes 5 factories: (aluminum and magnesium alloy automotive components factory, steel structure equipment factory, car brake drum components factory, construction machinery components factory, and cold rolled steel coil factory).

The ceremony was attended by Minister Plenipotentiary Zhiao Liu Qin, Commercial Counsellor of the Chinese Embassy, Mr. Tian Haikui, Chairman of Xin Feng Company, and a group of SCZONE executive leaders and Xin Feng Top Management.

“Xin Feng Integrated Metal Industries Complex is one of the most important and largest industrial edifices within SCZONE, with huge dollar investments equivalent to about EGP 82.5 billion. This huge project reflects the success of the partnership between SCZONE and its partners from investors, and the major confidence in the investment climate and the performance of business within the Zone. It also proves the success of promotional efforts and the investments SCZONE has devoted to the infrastructure and facilities, with the latest international standards. This is to maximize the benefit of SCZONE’s strategic location on both sides of the navigational corridor, the most important globally, and the availability of energy sources and trained technical labour for competitive values. SCZONE is currently witnessing the presence of approximately 140 factories under construction simultaneously. This project acquires special importance due to the fact that it represents a resettlement of car industries and home appliances because of the integration of supply chains for these two sectors that are targeted to localize them with SCZONE’s strategy, to enhance Egyptian exports to global markets, as well as meet the needs of the local market.” SCZONE Chairman declared during his speech at the ceremony