Guangzhou Goodsense breaks ground on aluminum composite panels factory
China’s fortunately named Guangzhou Goodsense Decorative Building Materials broke ground yesterday on a USD 100 mn aluminum composite panels factory in Ataka, Suez, Al Masry Al Youm reports. Chinese investments made up 30% of the project, while Saudi Arabian investors owned a 45% stake in the project. The factory, the first of its kind in Egypt, will have an annual production capacity of 3 mn meters of panels in its first phase, according to Industrial Development Authority head Ahmed Abdel Razek. The project will cover 70% of domestic demand and will begin exporting surplus production once its production capacity reaches 5 mn meters in 2020.