Chinese firms to invest $1bn in Suez Canal

Cairo – Mubasher: The Suez Canal Authority has signed three contracts valued at over $1 billion with major Chinese companies specialised in the industry of textile and gypsum boards.

The contracts will be executed at the China-Egypt TEDA Suez Economic and Trade Cooperation Zone in Ain El Shokhna, head of the SCA Mohab Mamish said in a statement on Monday.

The first contract was signed with Shandong Ruyi Technology Group Co, upon which the Chinese textiles and clothing company seeks to pump $830 million investments in setting up an industrial zone for textile production at TEDA, according to the statement.

The anticipated zone will offer more than 10,000 jobs, and the company’s annual sales are expected to reach $600 million, the statement added.

The second deal was signed with Taishan Gypsum Co Ltd, Mamish indicated, pointing out that the company plans to establish a gypsum products factory at TEDA with $125 million in investments, which will provide around 300 jobs.

As for the third contract, the SCA signed the deal with Xiamen Yan Jiang New Materials Co to manufacture and supply non-textile products at the Chinese-Egyptian industrial zone, he said.

The contract will be implemented at a value of nearly $50 million and will offer around 200 jobs, the statement noted.

Mubasher Contribution Time: 03-Sep-2018 13:03 (GMT)
Mubasher Last Update Time: 03-Sep-2018 13:15 (GMT)