PM attends signing of $1.65 bln metal industries complex deal

Prime Minister Mostafa Madbouly attended the signing of a $1.65 billion contract to establish the Shin Feng Integrated Metal Industries Complex in the Ain Sokhna industrial zone, part of the Suez Canal Economic Zone.

The deal was signed at the Cabinet headquarters in the New Administrative Capital, in the presence of Vice Prime Minister for Industrial Development and Minister of Industry and Transport Kamel al-Wazir.

The project will be built in two phases over five years on 3.75 million square meters. It includes nine factories and two service centers—one for research and development and another for solid waste recycling. The complex is expected to provide around 8,000 direct jobs.

The first phase, set for completion by 2027, covers two million square meters and includes four factories producing auto components, metal parts for appliances, fasteners, and hot-rolled steel. This stage is expected to create over 4,400 jobs.