Published On 1/7/2026
Today, Wednesday, Egypt signed an agreement with the Chinese company Zenith to produce car tire components In the Suez Canal Economic Zone, bInvestments amounting to $300 million.
Egyptian Prime Minister Mostafa Madbouly said that the project represents a qualitative addition to the engineering industries and intermediate raw materials sector, and reflects the growing confidence on the part of major international companies in the investment climate in Egypt.
For his part, Chairman of the General Authority of the Suez Canal Economic Zone, Walid Gamal El-Din, said that the project reflects the success of the canal’s economic strategy in attracting heavy technological industries and localizing value-added chains.
He explained that the project:
- It aims to inject a total investment of about $300 million, on a total area estimated at about 320,000 square meters within the Sokhna Industrial Zone.
- It includes establishing advanced production lines to produce 120,000 tons annually of steel wire intended for car tires, and 50,000 tons annually of tire rim wire.
- It provides about 1,000 direct job opportunities.
- It aims to export about 30% of its total production to global markets in the Middle East, Europe, and the Americas, thus enhancing Egypt’s ability to transform into a regional center for exporting components of advanced engineering industries.
