On Wednesday, Egypt signed an investment agreement with China's Sailun Group to establish a comprehensive tire manufacturing facility in the Integrated Sokhna Zone, part of the Suez Canal Economic Zone (SCZone), with total investments amounting to $1 billion.

The signing ceremony was attended by:

• Prime Minister Dr. Mostafa Madbouly

• Deputy Prime Minister for Industrial Development and Minister of Industry and Transport Kamel al-Wazir

• SCZone Chairman Waleid Gamaleldin

The agreement was signed by:

• Cao Hui, Executive Director of TEDA-Egypt

• Yuan Zhongxue, Chairman of Sailun Group

Project Details:

• Area: 350,000 square meters

• Implementation Period: 3 years

• Phase I Capacity (2026 Target):
  • 3 million passenger car tires annually
  • 600,000 truck/bus tires annually

• Full Project Capacity: Over 10 million tires annually

• Market Focus: Domestic needs and export markets

Strategic Importance:
Prime Minister Madbouly emphasized this project advances Egypt's strategy to:

1. Localize automotive manufacturing and related supply chains

2. Position Egypt as a regional leader in auto industry development

3. Leverage SCZone's infrastructure (roads, tunnels, port developments) to connect production to global markets

The Prime Minister praised SCZone's successful investment promotion efforts, particularly in priority sectors targeted for local industrialization. He stressed the importance of continued public-private collaboration to achieve rapid regional leadership in automotive manufacturing.