Egypt to Establish €1B Tire Manufacturing Factory in SczoneSource: www.export-egypt.com 9/20/2023, Location: Africa |
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Egypt plans to establish a tire manufacturing factory, Rolling Plus, on an area of 400,000 square meters with investments of €1 billion.
The implementation of the project will be completed through 3 phases in the Sokhna Industrial Zone in the Suez Canal Economic Zone (SC Zone). The factory will contribute to providing automobile tires such as tires for passenger cars, light and heavy transportation. It will have a production capacity of 7 million tires annually when the project phases are fully operational. Prime Minister, Mostafa Madbouly, witnessed the signing ceremony of the contract along with Walid Gamal ElDin, Chairman of SCZone. The three implementation phases will be as follows, the implementation of construction work for the factory will be through first phase, along with production lines for automobile tires, with a capacity of 2.5 million tires annually. The investment cost for this phase amounts from 400 to 450 million euros, with 50 percent of its production targeting the local market. The second phase includes adding light transport tires and producing 3.5 million tires annually, providing 40 percent of them to the local market. Then the production capacity increases in the third phase to reach 7 million after adding the heavy transport tire industry. The project will help Egypt to localize the automobile industry and complementary industries, such as the manufacture of batteries and tires, and provide 1,000 direct and indirect job opportunities. |
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