The Chinese “Xin Feng” is establishing a factory for iron products in Egypt for $300 million

The General Authority for the Suez Canal Economic Zone in Egypt signed a contract granting a usufruct right for a land with an area of 750,000 square metres, to the Chinese company “WU’AN Million dollars. The authority said in an issued statement that the project provides 1,200 job opportunities, aims to export 70% of its production, and contains later stages for the production of car engine blocks. Egypt aims to attract $3.9 billion in foreign investments to the Suez Canal Economic Zone during the current fiscal year 2023-2024.