Chinese steel giant XinFeng has announced plans to develop an ultra-modern industrial complex in the Ain Sokhna Integrated Zone, part of the Suez Canal Economic Zone. This ambitious project, with an investment of $1.65 billion, underscores Egypt’s growing appeal as a hub for international industrial investments.
XinFeng, a prominent player in the global steel industry, operates in several countries including China, India, and Brazil, where it is renowned for its innovative steel production technologies and large-scale manufacturing capabilities. The company’s expansion into Egypt is a strategic move to capitalize on the region’s economic growth and logistical advantages.
The project will unfold in two phases over five years, initially establishing four factories for automotive and home appliance components, standard fasteners, and hot-rolled steel coils. The second phase will add five factories focusing on advanced manufacturing, including aluminum and magnesium alloy automotive parts and construction machinery components. Egypt’s government, committed to supporting this venture, is facilitating industrial licensing and project procedures to ensure timely completion, highlighting the country’s dedication to enhancing its industrial landscape and attracting global investments.
