“The plants are planned in an industrial zone at the Egyptian Red Sea port of Ain Sokhna developed by China's Tianjin TEDA, and will manufacture iron pipes and steel products including for export,” Reuters said, quoting a cabinet statement.
In the past 12 months, the Egyptian pound has fallen from LE18.50 against the US dollar to over LE30.90 and the Arab world’s most populous nation is now facing a foreign currency shortage as well as a growing economic crisis.
Earlier this month, China’s Cosco Shipping Ports announced investment of a 25% stake in a new container terminal at Egypt's Ain Sokhna Port, and Hutchison Ports invested $700m in Ain Sokhna Port, and a new container terminal in the Port of Alexandria in Egypt.
According to Reuters, the Egyptian cabinet also said China Energy was looking to invest in a large green hydrogen project in Egypt, adding that the UAE’s Abu Dhabi Ports said it would invest in the Suez Canal Economic Zone and the Red Sea port of Safaga.
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