China's Xin Feng signed a $1.65 billion contract for the Xin Feng Integrated Metal Industries Complex in the Suez Canal Economic Zone (SCZone), as per an official statement on Wednesday. Xin Feng Egypt Steel will develop nine industrial projects and two service centres — one for research and development and another for solid waste recycling. The project will be completed in two phases over five years on a 3.75-million-square-metre site, creating around 8,000 direct jobs. Prime Minister Moustafa Madbouly commended the authority for leveraging the economic components and competitive advantages of the Suez Canal Economic Zone, including its strategic location and continuously improving infrastructure. He emphasised the importance of attracting international companies to implement major projects in targeted sectors, highlighting the economic zone's crucial role as a key driver of Egypt's economic development. SCZone Chairman Walid Gamal El-Din emphasised the importance of localising industry as a top priority. The authority is investing in infrastructure and facilities in industrial zones and ports to meet international standards. He noted the success of recent promotional tours, which have targeted global investors across 21 key sectors, including industrial, service, and logistics industries, according to the statement. Attribution: Amwal Al Ghad English Subediting: M. S. Salama
