China's XinFeng to develop $1.7bln industrial complex in Egypt

Chinese steel maker XinFeng will develop a $1.65 billion industrial complex in the Ain Sokhna Integrated Zone, part of the Suez Canal Economic Zone.  

The project will comprise nine factories, covering 3.75 million square metres, and is slated for completion in two phases over five years, Egypt Today newspaper reported.

The first phase will house four factories that produce automotive brake disc components, home appliance components, standard fasteners (bolts and nuts) and hot-rolled steel coils.  

The second phase will expand operations with the addition of five factories specializing in manufacturing automotive components, steel structure equipment, automotive drum brake components, construction machinery components and cold-rolled steel coils, the report said.