Chinese firm Xinxing Ductile Iron Pipes Corporation announced its plans to invest $400 million in Egypt over the next five years as part of its expansion strategy.
CEO Ye Maolin revealed the company’s initial facility in Egypt will be operational by the end of this year, featuring three production lines and requiring investments totaling approximately $150 million.
He further stated that the company’s objective is to export 80 percent of the plant’s annual production, valued at $200 million per year, to the Middle East and Africa (MEA) region over the five-year period. The remaining 20 percent of production will be allocated to the Egyptian market.
On April 30th, the foundation stone for the Xinxing Ductile Iron Pipes Corporation’s factory was laid by the General Authority for the Suez Canal Economic Zone (SCZONE).
The factory aims to manufacture flexible cast iron high-pressure pipes ranging from 100 to 1,000 millimeters in diameter, with an annual production capacity of 240,000 tons.
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