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Thursday, 29 November 2018

Chinese company to invest USD 300 mn in steel factory in Egypt’s Ain Sokhna

INVESTMENT WATCH- An unnamed Chinese company is looking to invest upwards of USD 300 mn next year in a new steel factory in Ain Sokhna, the Chinese Embassy in Cairo’s minister counsellor for commercial affairs Han Bing said. The company is set on Ain Sokhna, but will also consider other locations if it doesn’t find suitable land. No further details were provided, but Bing added that the company has plans to construct a c. USD 1 bn manufacturing complex after it completes the steel factory.

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