Industry Chinese firm to build $2bn industrial complex in Egypt By Pramod Kumar December 4, 2023, 4:53 AM Unsplash.com/Maksym Kaharlytskyi Negotiations between the Uganda government and Dubai investment company Alpha MBM are expected to be completed before April 2024 Chinese company Befar Group will build a $2 billion industrial green complex in Suez Canal Economic Zone for the production of specialised chemicals, according to a local media report. The project’s initial phase will see investments of $500 million, leading to the creation of 1,000 jobs, Egypt Today newspaper reported. The complex is expected to rely on renewable energy sources such as solar and wind power. China shows faith in Egypt with deeper investment China injects $956m into Egypt’s central bank Suez Canal Economic Zone signs $15bn energy deals Walid Gamal El-Din, chairman of Suez Canal Economic Zone, said they are fostering cooperation and strategic alliances with Chinese companies and investors since Egypt’s accession to the Brics bloc. The economic zone aims to attract foreign investments of $3.9 billion during 2023/2024 and has already attracted investments worth $1.3 billion within the first four months of the current year. The economic zone managed to secure investments of $3.6 billion in 2022/2023, the report said. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
