OPEN// PM opens China's Xinxing factory with $150m investments
AIN SOKHNA, Egypt, May 13 (MENA) – Prime Minister Mostafa Madbouli has inaugurated China's Xinxing ductile iron pipes factory in the Suez Canal Economic Zone (SCZONE) with investments worth $150 million.
The premier was accompanied by the ministers of transport and housing, Suez governor, head of the General Authority for Suez Canal Economic Zone, representatives of the Chinese embassy in Cairo, and officials of Xinxing Co.
Madbouli said this project is important since it contributes to cutting imports of ductile pipes, which are used in several major national projects of infrastructure and housing.
The project helps meet the needs of local and regional markets and increase exports, according to him.
He lauded the government's efforts on attracting further investments in the Suez Canal Economic Zone to turn it into a pioneering logistics hub to back global supply chains.
The premier was briefed about the factory, which is built over an area of more than 270,000 square meters with annual production capacity of 250,000 tons.
The project contributes to creating 700 direct job opportunities and 220 indirect opportunities. (MENA)
K F E/R E E
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East
6 hours ago
- Middle East
OPEN// PM says Egypt monitors regional developments, impact on domestic situation
CAIRO, June 22 (MENA) - Prime Minister Mostafa Madbouli said Sunday the government is closely monitoring regional events, evaluating their impacts on the domestic situation, particularly on the economic conditions. He noted that a crisis management committee has been formed to follow up on the consequences of these developments, in addition to the ongoing efforts by the ministerial economic group to assess the situation. The premier's remarks came during a meeting with members of the Macroeconomic Advisory Committee, where a number of scenarios, recommendations, and precautionary measures were reviewed to help mitigate risks arising from the current regional geopolitical context amid heightened tensions following US military strikes on Iran. Madbouli highlighted the importance of weighing all perspectives and proposals regarding how to deal with the intensifying regional events. Egypt's stockpile of essential goods is safe, he said, pointing out that an agreement has been reached with the banking sector to secure all necessary foreign currency needs for various industrial sectors and production requirements. The committee emphasized the importance of close coordination between the government and the Central Bank of Egypt (CBE) to maintain exchange rate stability and preserve currency flexibility, as part of the work of the Monetary and Fiscal Policy Coordination Committee. Also, it highlighted the need to accelerate structural reforms to attract more foreign direct investment, and to enhance digital export platforms, particularly targeting African and Gulf markets. (MENA) A I E/R E E
Middle East
11 hours ago
- Middle East
OPEN// FM warns of 'grave consequences' from Israel-Iran escalation, urges diplomacy
CAIRO, June 22 (MENA) – Minister of Foreign Affairs, Emigration and Expatriates Badr Abdelatty on Sunday warned of the 'extremely dangerous consequences' of continued military escalation between Israel and Iran, calling instead for diplomatic and political solutions to ease tensions and prevent a broader regional conflagration. He made the remarks during a meeting with Algerian Foreign Minister Ahmed Attaf on the sidelines of the Organization of Islamic Cooperation (OIC) foreign ministers' summit in Istanbul, according to a press release. The two ministers discussed recent regional developments, with Abdelatty reviewing Egypt's efforts to restore the ceasefire in Gaza and facilitate the delivery of humanitarian and relief aid to the war-devastated and besieged enclave. The talks also covered the wider implications of the Israel-Iran tensions on regional security and stability. Abdelatty praised the longstanding historical friendship between Egypt and Algeria and welcomed the recent positive momentum in bilateral relations. He emphasized Egypt's commitment to strengthening cooperation across various sectors, particularly in the areas of trade, investment, and economic development, to serve the mutual interests of both nations. (MENA) R E E/
See - Sada Elbalad
13 hours ago
- See - Sada Elbalad
Russia, China Condemn U.S. Strikes on Iranian Nuclear Sites
Ahmed Emam Russia and China have both issued strong condemnations of the recent U.S. airstrikes on Iranian nuclear facilities, warning of rising tensions in the Middle East and calling for a return to diplomacy. In a statement, the Russian Foreign Ministry expressed deep concern over what it described as "an attack carried out by a permanent member of the UN Security Council" against Iran. Moscow emphasized that the Security Council has a responsibility to address the U.S. actions and warned that 'the risks of conflict in the Middle East have significantly increased.' Russia urged all parties to cease hostilities and intensify diplomatic efforts to avoid further escalation. Also, China voiced sharp criticism, with the Chinese Ministry of Foreign Affairs calling the U.S. strikes a 'serious violation of the UN Charter.' Beijing affirmed the need to uphold international law and warned against unilateral military actions that undermine regional and global stability. The dual statements from Moscow and Beijing highlight growing international unease over the spiraling confrontation between the United States and Iran, following a series of military escalations in recent days. The calls for de-escalation come amid increasing fears of a broader regional conflict. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
