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Chinese firm to invest $2bn in Suez Canal Economic Zone
The iron pipes and steel manufacturing facilities are planned in an industrial zone at the Red Sea port of Ain Sokhna

Chinese company Xinxing Ductile Iron Pipes intends to invest $2 billion in iron and steel plants in the Suez Canal Economic Zone, Egypt’s cabinet said on Thursday.

The plants are planned in an industrial zone at the Egyptian Red Sea port of Ain Sokhna developed by China’s Tianjin and will manufacture iron pipes and steel products including for export, the statement said.

The announcement comes as Egypt tries to drum up foreign investment amid a shortage of foreign currency and acute economic pressure.

Earlier this month, Hong Kong’s CK Hutchison Holding and China’s Cosco Shipping Ports  announced investments in terminals at the ports of AinSokhna and Alexandria.

The Egyptian cabinet said China Energy was looking to invest in a large green hydrogen project in Egypt.

Investments by Abu Dhabi Ports in the Suez Canal Economic Zone and the Red Sea port of Safaga have also been announced this month.

Saudi shipping giant National Shipping Company (Bahri) also signed a memorandum of understanding with Suez Canal Authority to set up a joint venture to transport general and bulk cargo, chemicals and oil.

Bahri and the authority, which manages and operates one of the world’s most heavily used shipping lanes, aim to establish an Egyptian joint-stock company which will own, lease, charter and operate vessels.