China’s TEDA to implement two projects in Gulf of Suez with $410mln-investments

Egypt TEDA Investment Company signed two contracts to establish projects in the Northwest Special Economic Zone of Gulf of Suez with investments cost of US$410 million, the company announced Wednesday.

The two projects are set to be built in the expansion area whose space is estimated at 6 km².

Egypt TEDA is an affiliate to Chinese TEDA Investment Holding Company whose main scope of business covers regional development and real estate, public utilities, financial industry and modern service industry

The first contract was signed with Dayun Motor Egypt ,an affiliate to Chinese motorcycles maker Dayun Group, to establish a plant in the expansion area with investments worth US$60 million.

The second contract was signed with an Egyptian firm to build international gold city for manufacturing and exporting gold to a massive number of states all over the world.

The gold city is set to be built with investments estimated at 350 million pounds on the space of 130,000 square meters through usufruct system for 45 years.

The execution processes of the project are scheduled to start before the end of 2016.

Egypt TEDA investment stated that it is negotiating with around 10 firms to expand in implementing a number of new projects in Suez Canal region to put Egypt on map of economic zones in the world, boost Egypt’s economy efficiency, and achieving more growth in Egyptian exports market.

Egypt TEDA was founded in 2008 with the capital of US$8 million to develop China-Egypt Suez Economic and Trade Cooperation Zone -located at Northwest Special Economic Zone of Gulf of Suez- with total investments of US$ 100 million.