Chinese company Xinxing Ductile Iron Pipes is to invest $2bn in iron and steel plants in the Suez Canal Economic Zone, Egypt’s cabinet said last week, according to news agency reports.
“The plants are planned in an industrial zone at the Egyptian Red Sea port of Ain Sokhna developed by China’s Tianjin TEDA, and will manufacture iron pipes and steel products including for export,” Reuters said, quoting a cabinet statement.
Earlier this month, China’s Cosco Shipping Ports announced investment of a 25% stake in a new container terminal at Egypt’s Ain Sokhna Port, and Hutchison Ports invested $700m in Ain Sokhna Port, and a new container terminal in the Port of Alexandria in Egypt.
According to Reuters, the Egyptian cabinet also said China Energy was looking to invest in a large green hydrogen project in Egypt, adding that the UAE’s Abu Dhabi Ports said it would invest in the Suez Canal Economic Zone and the Red Sea port of Safaga.
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