Egypt TEDA Investment will complete investing $160 million to develop phases I and II over 4 million square metres in Ain Sokhna, northwestern part of the Gulf of Suez by 2021, according to official. The expansion works of Suez Canal axis are spanning over 6 million square metres, managing director of Egypt TEDA Nahla Emad told Amwal Al Ghad on Wednesday. Egypt TEDA is affiliated to Chinese TEDA Investment Holding whose main scope of business covers regional development and real estate, public utilities, financial industry, and modern service industry Egypt TEDA was founded in 2008 with a capital of $8 million to develop China-EgyptSuez Economic and Trade Cooperation Zone, located at Northwest Special Economic Zone of Gulf of Suez, with total investments of $100 million. In April, the company received the second phase over 2 million square metres of the expansion works in Suez Canal axis, Emad added. The company will complete establishing new factories within the second phase, second phase, she said. Moreover, Egypt TEDA has recently signed contracts with seven Chinese companies and one other an Egyptian company to execute new projects, with investments of around $320 million.
