PHOTO
China’s Hengtong will invest $18 million to expand its fibre optic cable manufacturing plant in TEDA - Egypt industrial zone (TEDA Suez) within the Sokhna Integrated Zone of Suez Canal Economic Zone (SCZONE).
The company’s existing factory, spread over an area of 5,904 square metres (sqm), was set up an investment of $6 million with a total production capacity of two million kilometres per annum, according to an SCZONE press statement.
The investment agreement was signed by the Chairman of SCZONE, Waleid Gamal El-Dien with Cui Genliang, Chairman of Hengtong on the sidelines of the Belt and Road Forum (BRF) in Beijing.
"The agreement targets new expansions for Hengtong group with an investment of $18 million on an area of 21,000 sqm,” the statement quoted Gamal El-Dien as saying.
He said the expansion is aimed at meeting domestic demand, mainly the state-sponsored ‘Hayah Karima’ (Decent Life) Initiative, and Telecom Egypt’s requirements.
Hengtong is the largest optical fibre and power cable manufacturer in China, according to its website.
(Writing by Eman Hamed; Editing by Anoop Menon)
(anoop.menon@lseg.com)
Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.