$100m aluminum factory to be established in Ataqa

A Mega Chinese company is set to establish a factory in Egypt to manufacture aluminum composite panels to build facades at a cost of dollars 100 million, said Trade Minister Tarek Qabil.

Located in Ataqa industrial zone, in the northern Gulf of Suez, the factory is co-funded by Egypt, Saudi Arabia and China, the minister added, noting that the production of the factory is meant to satisfy a large portion of the domestic market demand.

Qabil made the remarks during meeting with the CEO of the Chinese company Goodsense and his accompanying delegation that comprised a host of Egyptian and Saudi investors.

A 16-meter square land plot in Ataqa has been allocated for the factory, Qabil stated, adding that it will be operative within nine months.

Goodsense company is determined to invest in the Egyptian market to make good use of the country's major competitive advantages, the 90-million consumer capacity market as well as the Free Trade Agreement clinched with many countries and world's top economic blocks, Qabil stated.

The minister went on to say that the Egyptian-Saudi company WELLBOND Co. For Manufacturing Aluminum Composite Panel is co-funding the project.

Source: MENA