Sczone to Produce Solar Panels at $1.8 MlnSource: www.export-egypt.com 10/8/2024, Location: Africa |
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Walid Gamal El-Din, chairman of Egypt’s Suez Canal Economic Zone (SCZone), witnessed the signing of the first phase of the PYRAMIDS ALU project aimed at producing solar mounting systems at Ain Sokhna industrial zone with an investment worth of $1.8 million, according to a statement by the SCZone.
Main Development Company (MDC) will implement the project in three phases, starting with establishing a factory spanning 5,000 square metres, equipped with four plug-and-play units. According to the statement, the factory is expected to operate within two months, providing 42 job opportunities. “The PYRAMIDS ALU project achieves the goals of the economic zone in localizing complementary and supporting industries to produce green fuel,” Gamal El-Din said. The PYRAMIDS ALU project is a partnership between Egypt’s ALU AFRIC for Aluminum Industry and China’s ALU PRO. It targets a production capacity of 1,750 tons through two production lines, one is completely automated and the other manual. The project will entirely depend on local raw materials. In related news, the SCZone reported in July that its revenues reached EGP 8.25 billion in FY2023/2024, scoring a 36 percent rise compared to FY2022/2023. The SCZone also signed nine agreements with Chinese investors for six projects in September, with a total value of more than $1.067 billion. |
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