Egyptian and Chinese firms sign $487m industrial deals 

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Egypt’s Suez Canal Economic Zone (SCZone) said $487 million agreements and contracts have been signed between Chinese companies and Tianjin Economic-Technological Development Area (Teda) Egypt to establish new projects in the Al Ain Al Sokhna industrial zone.

The SCZone delegation, led by chairman Waleid Gamal El Dein, met with officials of Tianjin city, comprising 270 representatives of more than 50 Chinese companies operating in the various industrial fields, Egypt Today newspaper reported.

Established in 2018, China-Egypt Teda is a joint platform for cooperation between Egypt and China that connects projects of the Belt and Road Initiative with the development strategy of the Suez Canal Corridor Area Project in Egypt.

El Dein said that Teda-Egypt signed an agreement with China’s Hidier Group to establish several projects in energy, construction and operation of industrial facilities.

The first project of Hidier is an energy station with investments of $265 million and its first phase will produce energy with 200mw/220kv with an initial cost of $38 million.

Another agreement was inked for producing modern construction materials using coke as a raw material with investments valued at $100 million and an annual production capacity of 50,000 tonnes.

A contract was signed between Teda-Egypt and an affiliate of Golden Spring Group for setting up a $12 million textiles project.

Teda-Egypt and petrochemical firm Tianyi Shandong Company agreed to build a new factory worth $110 million.