Rolling Plus Chemical Industries announced it signed a 1 billion USD investment agreement to build tires plant in Egypt, according to an official statement.
The company’s tire manufacturing factory will be located in the Sokhna Industrial Zone in Egypt’s Suez Canal Economic Zone (SCZone).
The contract was signed by Abdel Nasser Refaei, Managing Director of Main Development Company, and John Barakat, CEO of Rolling Plus Chemical Industries, in the presence of Walid Gamal El-Din, Chairperson of the SCZONE.
The scheme which will span an area of 400,000 square meters, will have a total production capacity of 7 million tires annually for passenger cars, and light and heavy transportation.
The project will be in three phases; each phase has a different production line and target market.
The first phase will cost an amount of 400-450 million euros and produce 2.5 million automobile tires annually.
About 50% of the first phase production will be supplied to the local market.
The second phase will produce 3.5 million tires annually for light transport; 40% of which will be for the local market.
The third phase will raise the production capacity to 7 million by adding the heavy transport tire industry. The contract aligned with SCZONE’s strategy to localize the automobile industry and complementary industries, such as batteries and tires.
The project aims to cover the needs of the domestic market and reduce imports.
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