off-the-wire

UPDATE 1-China's Xinxing to invest $2 bln in Suez Canal Economic Zone- Egyptian cabinet

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds details on investment, background) CAIRO, March 23 (Reuters) - Chinese company Xinxing Ductile Iron Pipes 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 , 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 and China's Cosco Shipping Ports 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 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)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.