Egypt Inks $1 Billion Tire Production Deal with China

Egypt and China's Sailun Group have reached a $1 billion agreement to establish an automotive tire factory in the Suez Canal Economic Zone. The project's first phase is set to be finalized by 2026, marking a significant collaboration in industrial development between the two nations.

In a strategic move aimed at boosting its industrial sector, Egypt has signed an agreement with China's Sailun Group to establish a high-scale automotive tire factory within the Suez Canal Economic Zone, according to a cabinet statement released on Wednesday.

The deal, valued at $1 billion, signifies a substantial investment and an enhancement in bilateral economic relations, as the two nations seek to strengthen their industrial and economic cooperation.

The first phase of the ambitious project is slated for completion in 2026, promising new jobs and technological advancements in the automotive sector for Egypt.

(With inputs from agencies.)