China's Xinxing to invest $2 bln in Suez Canal Economic Zone- Egyptian cabinet (updated)

COSCO SHIPPING Ports

23/03/2023 11:01

(Adds details on investment, background)
       CAIRO, March 23 (Reuters) - Chinese company Xinxing
Ductile Iron Pipes  000778.SZ  intends to invest $2 billion in
iron and steel plants in the Suez Canal Economic Zone, Egypt's
cabinet said on Thursday.
    The plants are planned in an industrial zone at the Egyptian
Red Sea port of Ain Sokhna developed by China's Tianjin TEDA
 000652.SZ , and will manufacture iron pipes and steel products
including for export, the statement said.
    The announcement comes as Egypt tries to drum up foreign
investment amid a shortage of foreign currency and acute
economic pressure. 
    Earlier this month, Hong Kong's CK Hutchison Holding
 0001.HK  and China's Cosco Shipping Ports  1199.HK  announced
investments in terminals at the ports of Ain Sokhna and
Alexandria, and the Egyptian cabinet said China Energy was
looking to invest in a large green hydrogen project in Egypt.
    Investments by Abu Dhabi Ports  ADPORTS.AD  in the Suez
Canal Economic Zone and the Red Sea port of Safaga have also
been announced this month. 
       

 (Reporting by Momen Saeed Atallah
Writing by Adam Makary and Aidan Lewis
Editing by Mark Potter and Mark Heinrich)
 ((Adam.Makary@thomsonreuters.com;))