China's Xinxing to invest $2bn in Suez Canal plants

China's Xinxing Pipes is to invest $2bn in plants in the Suez Canal Economic Zone

Chinese company Xinxing Ductile Iron Pipes is to invest $2bn in iron and steel plants in the Suez Canal Economic Zone, Egypt's cabinet said last week, according to news agency reports.

“The plants are planned in an industrial zone at the Egyptian Red Sea port of Ain Sokhna developed by China's Tianjin TEDA, and will manufacture iron pipes and steel products including for export,” Reuters said, quoting a cabinet statement. container shipping

In the past 12 months, the Egyptian pound has fallen from LE18.50 against the US dollar to over LE30.90 and the Arab world’s most populous nation is now facing a foreign currency shortage as well as a growing economic crisis. logistics

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