China to Invest $5 Bn in Egypt

Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)
Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)
TT

China to Invest $5 Bn in Egypt

Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)
Officials touring the Chinese projects in Egypt (Suez Canal Economic Zone)

Egypt's Suez Canal Economic Zone is in negotiations with Chinese companies to implement investment projects worth $5 billion, according to an official statement from the Suez Canal Authority.

The deputy chairman of the southern part of the Zone, Walid Youssef, visited the Chinese industrial zone TEDA in Ain Sukhna on the Red Sea coast.

Youssef met with several directors of Chinese companies operating in the region to follow up on developments in implementing investment projects.

The meeting discussed some Chinese projects to be implemented through the ongoing negotiations with TEDA-Egypt.

In a press release, the Suez Canal Economic Zone indicated that Chinese companies intended to implement industrial projects in Egypt for the first time, with total investments of $5 billion, providing at least 5,000 direct and indirect jobs.

The meeting discussed cooperation during the coming period and mechanisms for attracting more Chinese investments to the region, especially after the expansions and new production lines.

The meeting addressed some outstanding issues and problems facing investors in light of global and political changes affecting global supply chains.

According to the statement, the official affirmed that the administration is determined to attract the largest possible amount of investments in the industrial sectors to meet the needs of local and regional markets.

For his part, Vice Minister and Deputy Chairman for Investment Ibrahim Abdelkhalek described the trade and economic relations between Egypt and China as "strong," referring to efforts to attract more Chinese investments in the region as part of the Belt and Road Initiative (BRI).

The UN determines the Belt and Road Initiative as a global development strategy adopted by the Chinese government, which includes infrastructure development and investments in 152 countries and international organizations in Europe, Asia, the Middle East, Latin America, and Africa.

The meeting discussed requests for new projects from developers and investors for approval under the Authority's regulations.

The Zone announced that during the coming period, the largest Chinese factory to manufacture electrical appliances would begin operations and exportation to global markets.



Saudi Arabia, Canada Discuss Smart Industrial Cities

The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
TT

Saudi Arabia, Canada Discuss Smart Industrial Cities

The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA
The meetings held by the Saudi Minister of Industry and Mineral Resources with Canadian ministers are aimed at strengthening industrial and mining cooperation between the two countries. SPA

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef has discussed with Canadian government ministers ways to bolster industrial and mining cooperation between the two countries, opportunities for developing industrial innovation, and building an effective partnership to establish smart industrial cities in the Kingdom by leveraging Canadian expertise.

During his meeting with Canadian Minister of Innovation, Science and Industry François-Philippe Champagne, and accompanied by National Industrial Development Center Chief Executive Saleh AlSulami, Alkhorayef underscored the Kingdom's commitment to benefiting from the applications of the Fourth Industrial Revolution, particularly artificial intelligence (AI) and robotics, to develop the industrial sector and create added value, while improving production efficiency in industrial facilities.

Meeting participants discussed enhancing cooperation in the field of industrial digitization, utilizing AI technologies to improve industrial processes, and exploring opportunities for collaboration in building smart industrial cities in the Kingdom, benefiting from Canadian advancements in digital infrastructure.

The two sides also discussed collaboration between the Kingdom and Canada in the field of innovation, including the partnership between the Saudi Ministry of Education and Metax, a Canadian research organization funded by the Ministry of Innovation, Science and Industry with a focus on providing joint research opportunities for graduate and doctoral students in both countries.

During a meeting with Canadian Minister of International Development Ahmed Hussen, Alkhorayef discussed ways to enhance economic relations and non-oil trade between the two countries, given the fact that the Kingdom is the largest trading partner for Canada in the Middle East and North Africa. The ministers reviewed the role of industrial development globally in advancing communities, increasing their well-being, and improving individuals' living standards.

Alkhorayef and Canada's Mining Industry Human Resources Council (MIHR) executive director Ryan Montpellier discussed opportunities to benefit from council's expertise in workforce human capabilities development strategies in the mining sector.

The meetings held by the Minister of Industry and Mineral Resources with Canadian ministers are part of his visit to Canada, aimed at strengthening industrial and mining cooperation between the two countries, exploring mutual opportunities in both sectors, and attracting foreign investments to the Kingdom.