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Egypt to establish tyre factory with 1 bln euro investment -cabinet

Egypt is set to establish a tyre factory in the Suez Canal Economic Zone with an investment worth of 1 billion euros, according to a cabinet statement.
21.09.23 | Source: Nasdaq

The Egyptian government has made a significant step towards bolstering its manufacturing sector by announcing plans to establish a tyre factory in the Suez Canal Economic Zone. This venture is set to be worth 1 billion euros, equating to approximately $1.07 billion. The move was made public in a cabinet statement released on Wednesday. The factory is part of a contract signed with Rolling Plus for chemical industries, a consortium whose shareholders include Egyptian, Saudi, and Cypriot companies. It will have the capacity to produce an impressive 7 million tyres annually. This development not only signifies a substantial investment in Egypt's industrial capabilities but also brings the prospect of job creation and economic growth. The significant financial commitment represents a strong demonstration of faith in Egypt's potential as a key player in the global tyre manufacturing industry. Furthermore, the strategic location in the Suez Canal Economic Zone offers potential connectivity advantages, enabling easy export processes to both the European and African markets. Nevertheless, details regarding the projected completion date for the factory and its potential employment opportunities are yet to be provided.