Egypt signs €1 bln tyre factory in SCZone – cabinet

Egypt has signed a contract with Rolling Plus Chemical Industries to establish a tyre factory in the Suez Canal Economic Zone (SCZone), with investments of one billion euros, according to a cabinet statement on Wednesday.

Rolling Plus will make investment to set up the plant in three production phases. The plant will be spread over an area of 400,000 square metres and will have an annual production capacity of seven million tyres.

The project aims to provide the local market needs, as part of the deliberate steps to attract projects that support reducing the import bill through the localisation of the targeted industries, head of the SCZone explained.

The contract has signed by Abdel Nasser Rifai, Managing Director of the Main Development Company, and John Barakat, CEO of Rolling Plus Chemical Industries, the statement added.