CAIRO - 2 December 2024: The Arab Organization for Industrialization has unveiled plans to establish a specialized city for manufacturing car tires and related industries in collaboration with one of the world’s leading Chinese tire manufacturers. Located in the free zone in Ain Sokhna, the city will host three tire plants, a factory for tire production equipment and service centers, a steel wire factory, a white carbon factory, and a research and development center for rubber and tire technology. The project’s first phase, including a tire factory, is expected to launch within a year.
These developments were announced during the twelfth meeting of the Ministerial Group for Industrial Development, chaired by Deputy Prime Minister and Minister of Industry and Transport, Kamel Al-Wazir.
The meeting also covered plans to modernize the Nasr Tire Factory in Alexandria in partnership with European companies, aiming for production within two years.
Additionally, the group discussed projects to build a car tire factory in Al-Amreya with a Chinese partner, manufacture solar panel glass in collaboration with an Emirati company, and produce batteries for minibuses by El Nasr Automotive.
Minister Al-Wazir further directed the Maritime and Land Transport Holding Company to coordinate with El Nasr Automotive to supply luxury buses for passenger services at high-speed train stations in new cities.
The group also explored mechanisms to promote green hydrogen production and its derivatives while addressing the associated challenges, such as land allocation for renewable energy and electricity supply.
Al-Wazir highlighted the strong commitment of Egyptian banks to supporting the industrial sector, with companies applying for loans totaling EGP 7.776 billion under a 15% financing initiative.
He also announced an upcoming Central Bank initiative to establish a fund aimed at supporting producers across various fields, particularly in the industrial sector.
Be Social
Comments
Leave a Comment