The Suez Canal Economic Zone (SCZone) signed a leasing contract with China's XINXING Ductile Iron Pipes Company to establish an iron pipe project with investments of $146 million, according to a statement released by the Cabinet.

Additionally, the annual production capacity will be 250,000 tons whose value is estimated to be $1.2 billion.

The Chairman of SCZone, Walid Gamal El-Din, clarified that this agreement aligns with the company's strategic intent to invest in Egypt and acquire the usufruct rights for a land parcel spanning 270,050 square meters.

This land is located within the designated 6 square kilometers area assigned by the Suez Canal Economic Zone under the usufruct system. The contract pertains to industrial developer TEDA.

El-Din said recently that during the period from July 2023 to March 21, 2024, the number of companies established in the SCZone reached 63 new companies, with 48.5% foreign capital.

Additionally, the period from the beginning of 2024 until now alone witnessed the establishment of 20 new companies.

In December, SCZone signed with the Chinese company Henneway a contract to establish a factory for producing luggage in the Qantara West Industrial Zone with investments worth $50 million.

The project is set to commence its operations in the first quarter of 2025, creating around 2,000 job opportunities.